In a Halloween-eve move sure to send shivers down the spines of every public company’s CISO, on Oct. 30, the SEC filed a securities fraud complaint targeting SolarWinds’ CISO in the wake of their major December 2020 data security incident. The SEC alleges SolarWinds and its CISO committed securities fraud in connection with multiple public disclosures about its cybersecurity practices, including the form 8-K disclosing the incident. This move is the latest in a series of steps taken by the SEC to flex its muscles in regulating data security.

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Photo of Jena M. Valdetero Jena M. Valdetero

Jena M. Valdetero serves as Co-Chair of the firm’s U.S. Data, Privacy and Cybersecurity Practice where she advises clients on complex data privacy and security issues. She has led more than 1,000 data breach investigations. A litigator by background, Jena defends companies against…

Jena M. Valdetero serves as Co-Chair of the firm’s U.S. Data, Privacy and Cybersecurity Practice where she advises clients on complex data privacy and security issues. She has led more than 1,000 data breach investigations. A litigator by background, Jena defends companies against privacy and data breach litigation, with an emphasis on class action lawsuits. She has designed and conducted dozens of data breach tabletop exercises to empower clients to respond effectively to a data security incident. She also counsels companies on data privacy and security compliance programs and advises on privacy and cyber risks associated with mergers and acquisitions, venture capital, and securities. Jena also advises a diverse array of clients on compliance with existing and emerging privacy laws, including the General Data Protection Regulation (GDPR), the California Consumer Privacy Act (CCPA), the Gramm Leach Bliley Act (GLBA), and the Health Insurance Portability and Accountability Act (HIPAA). She is a certified privacy professional through the International Association of Privacy Professionals (CIPP/US), for which she is a former KnowledgeNet Co-Chair.

Photo of Steven M. Malina Steven M. Malina

Steven M. Malina, a former Senior Attorney in the SEC’s enforcement branch, focuses his practice on a variety of litigation and regulatory matters with representations of financial services industry clients, hedge fund matters, and securities and general commercial litigation. He represents officers, directors,

Steven M. Malina, a former Senior Attorney in the SEC’s enforcement branch, focuses his practice on a variety of litigation and regulatory matters with representations of financial services industry clients, hedge fund matters, and securities and general commercial litigation. He represents officers, directors, broker-dealers, investment advisors, commercial banks, investment banks, investment management firms, and public issuers in investigations and disciplinary proceedings initiated by the SEC, CFTC, FINRA, FDIC, NYSE, CBOE, CME, and state regulators. In addition, Steve represents clients in related investor class-action, derivative, and other litigation and arbitration. He has also conducted internal investigations on behalf of publicly traded companies and represented committees and executive officers in internal investigations. Steve has represented brokerage firms and their management in customer-initiated cases, and injunction and arbitration proceedings.

Prior to entering private practice, Steve served as First Vice President and Deputy Regional Counsel for a large financial corporation and was a Senior Attorney in the Branch of Enforcement of the U.S. Securities and Exchange Commission.