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SEC charges four companies with misleading cyber disclosures

(www.sec.gov)
81 points impish9208 | 1 comments | 22 Oct 24 16:56 UTC | HN request time: 0.202s | source
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MattSteelblade ◴[22 Oct 24 18:14 UTC] No.41917058[source]▶
> Unisys will pay a $4 million civil penalty;

> Avaya. will pay a $1 million civil penalty;

> Check Point will pay a $995,000 civil penalty; and

> Mimecast will pay a $990,000 civil penalty.

With the exception of Mimecast, these are companies that are bringing in billions of dollars in revenue annually. How is this supposed to deter them?

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1. advisedwang ◴[22 Oct 24 20:39 UTC] No.41918473[source]▶
SEC likely offered low settlements here to get agreements without having to battle in court whether SEC even has the authority to do this. Now that they have to some degree established authority here* they can go for enforcement harder and push companies further on disclosure.

* ie a practical precedent, not a legal one