Cyber Guardians: Empowering Board Members for Effective Cybersecurity by Bart R. McDonough

Author:Bart R. McDonough [McDonough, Bart R.]
Language: eng
Format: epub
ISBN: 9781394226238
Publisher: Wiley
Published: 2023-09-26T00:00:00+00:00

Here are some of the cases where individual directors were held liable for poor cybersecurity management:

Yahoo data breach: Shareholders sued the company's directors for failing to properly oversee and manage the cybersecurity risks facing the company. The directors were accused of failing to implement adequate security measures, failing to disclose the breaches in a timely manner, and failing to properly investigate and address the breaches once they became aware of them.

Equifax data breach: The SEC charged a former Equifax executive with insider trading for selling shares in the company before the public disclosure of the massive data breach that occurred in 2017. The executive was accused of selling shares while in possession of nonpublic information about the breach, which is a violation of securities laws.

SolarWinds data breach: In 2021, a federal jury in California found that the former CEO and former chairman of SolarWinds, a software company, were liable for negligence in the wake of a massive data breach that exposed the company's source code and the source code of its customers. The jury awarded damages of $1.5 billion to the plaintiffs, who included SolarWinds customers and investors.

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