of SolarWinds and its Chief Information Security Officer, for alleged fraud and internal controls offences, is already being seen as a game changer for how cybersecurity will be handled and reported on by listed businesses. It is rare for cybersecurity news stories to live up to the hype around them, but, in my view, the game changer accolade is spot on, as I will seek to explain., which was a stark wake-up call for the need to improve supply chain security, or, rather, it should have been.
First and foremost, there is the effect that the case will have on the perspective of the Information Security community, coming soon after. I have spoken to many CISOs over the years about their sense of exposure and vulnerability within their corporate structures.
I would not be surprised if this case spurs on the further “professionalisation” of the CISO community, even if that is just for providing collective negotiating power on issues such as the provision of Director and Officer liability insurance cover for CISOs and access to fully-funded, independent legal advice.Second, there will a radical shift in the dynamics of corporate reporting of security issues, across the full continuum of information production.
Organisations should keep in mind that there are other regulators on the decks who are very interested in the accuracy of what is said about cybersecurity issues, not just the SEC. The FTC in the US has powers to take strong enforcement action for deceptive and misleading practices, which have already been exercised in very high-profile cases.
I have written recently about the issue of share price movement in the Okta case. Perhaps SolarWinds will be the start of new dynamics on the stock market?Fifth, there needs to be quality-revolution in the nature of the legal services that are provided to organisations for cybersecurity. Some of the legal advice that I have seen provided in breach situations has been wildly off the mark.
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