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SEC Adopts Final Rules on Public Company Cybersecurity Disclosures of Incidents and Processes

By Lawrence Cunningham (Contributor), Rajesh De, Stephen Lilley, Anna T. Pinedo, Laura D. Richman, Marc Leong & Dominique Shelton Leipzig on July 28, 2023

Posted in Corporate Governance, Cybersecurity, Disclosure Requirements, SEC News

On July 26, 2023, the U.S. Securities and Exchange Commission (the “SEC”) issued a release, adopting final rules (the “Final Rules”) aimed at standardizing and enhancing disclosure relating to cybersecurity incidents and risk management processes. The SEC had proposed rules (the “Proposed Rules”) on March 9, 2022. The Final Rules reflect the considerable comments received…

Blackbaud Inc. to Pay $3 Million to SEC for Alleged Misleading Disclosures in 2020 Ransomware Attack

By Rajesh De, Veronica R. Glick, Stephen Lilley, Anna T. Pinedo, David A. Simon, Jeffrey P. Taft & P. Kai Knight on March 23, 2023

Posted in Corporate Governance, Cybersecurity, Disclosure Requirements, Public Companies, SEC News

Public companies should note a recent settlement with the US Securities and Exchange Commission (“SEC”). On March 9, 2023, the SEC announced that Blackbaud Inc. agreed to pay $3 million to settle charges for alleged misleading disclosures about its 2020 ransomware attack and for alleged disclosure control failures. This serves as a reminder for public…