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CSO: SolarWinds breach lawsuits: 6 takeaways for CISOs
On April 25, 2022, Nabil Hannan was featured in the CSO article, SolarWinds breach lawsuits: 6 takeaways for CISOs. Preview the article below, or read the full article online.
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The SolarWinds compromise of 2020 had a global impact and garnered the resources of both public and private sectors in an all-hands-on-deck remediation effort. The event also had a deleterious effect on the SolarWinds stock price. These two events, were, predictably, followed by a bevy of civil lawsuits. Fast forward to late March 2022 and we have a federal court saying the suit that named SolarWinds; its vice president of security and CISO, Tim Brown; as well as two prime investor groups Silver Lake and Thoma Bravo may go forward.
As Violet Sullivan, cybersecurity and privacy attorney of client engagement at Redpoint Cybersecurity, observes, the judge finds that the plaintiffs “may have a claim, so the judge is going to hear it.” She explains, “It’s not what is being said in the order that is interesting. It’s what will be shown during the discovery process that is interesting. There will be questions in this suit including: Will the forensic reports be available during the discovery or covered by attorney-client privilege?”
Resource Cybersecurity According to Risk
CISOs are uniquely positioned to provide insight on the threat landscape to business operations and together create the appropriate risk management plan. I recently mentioned how cybersecurity is often something companies get around to. The SolarWinds cyberattack and the resultant civil lawsuits are demonstrating the need for the well-documented investment in cybersecurity must be at the forefront.
The managing director of NetSPI, Nabil Hannan, says, “Internal threats are still a lingering and often under-addressed cybersecurity threat within organizations, especially when compared to the resources applied toward external threats. But, with buy-in from an organization’s leadership team, CISOs can have the resources needed to develop a proactive and ongoing threat detection governance program.”
Those who hesitate may find themselves playing catch up as they are spurred along by the new U.S. Securities and Exchange Commission initiative on the need for publicly sharing information security breach information within four days of discovery that the breach is material will affect direct change. Similarly, the SEC’s desire to have companies describe how they address cybersecurity will drive greater transparency within many companies. This SEC effort will pull infosec out of the back room and to the forefront, like policies, procedures, resourcing, and expertise will be on full display via the required SEC filings.
