In the Headlines
December 7, 2023

How the Big Cases of 2023 Stung General Counsel

Law360

Securities Enforcement Defense attorney Scott Mascianica was interviewed by Law360 for an article recapping some of the most significant corporate court cases in 2023. The guilty verdict of FTX founder Sam Bankman-Fried and historic settlement with Binance, the world's largest cryptocurrency exchange, are among the most impactful cases from the year. Mr. Mascianica commented on the cyber breach case against SolarWinds Corp., the first time the U.S. Securities and Exchange Commission (SEC) has tried to hold a chief information security office (CISO) accountable for a company's alleged misstatements about cybersecurity. In 2020, SolarWinds faced a sophisticated hack through which Russian operatives accessed the systems of clients including major federal agencies like the U.S. Department of Homeland Security. In October of this year, the SEC sued the company and its CISO, alleging SolarWinds knew about its system's vulnerabilities but intentionally deceived investors by failing to state otherwise publicly. Mr. Mascianica explained the potential implications of the case.

"I don't think it's too much of a stretch to say that this will be one of, if not the most, significant cybersecurity case that SEC enforcement has ever filed," he said.

READ: How the Big Cases of 2023 Stung General Counsel (Subscription required)

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