SEC Fines Four Companies $7 Million for Misleading Cyber Disclosures

SEC Fines Four Companies $7 Million for Misleading Cyber Disclosures
The SEC has charged four companies, including Check Point and Mimecast, for misleading disclosures related to the 2019 SolarWinds data breach. Check Point will pay $995,000, while Mimecast will face a penalty of $990,000. Unisys and Avaya will pay $4 million and $1 million respectively. The SEC stated that these companies downplayed the severity of the breaches, leaving investors uninformed. Each firm has agreed to cease future violations while not admitting to the findings. The SEC emphasizes the importance of accurate disclosures in the face of cyberattacks.