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Abstract: 

Companies and boards trying to minimize their cybersecurity risks face significant challenges. The risks of a data breach are omnipresent and now present heightened difficulty, given the rise of generative AI. Corporate counsel and compliance professionals must also contend with a fragmented and evolving regulatory landscape. This article draws lessons from the SEC’s SolarWinds litigation, focusing on the securities fraud claims that survived the court’s ruling on the defendants’ motion to dismiss, and examining the conduct and statements that the district court found actionable. This article provides practical recommendations for those seeking to comply with a complex legal landscape and to enhance their cybersecurity programs.

Keywords: Cybersecurity and Data Breach Risks; Sec. & Exch. Comm’n v. Solarwinds Corp. and Timothy G. Brown

Affiliations:  1: Milbank LLP.