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  • Donald E. Hester

Cyber Risk Update 31 MAR 2023

Here is the cyber risk update for the week of 31 March 2023.



Cybersecurity Awareness

Local Government Data Breaches

Nation States

Threat Actor Trends


Emerging Threats



  • This is a new potential cost and risk related to disclosing misleading information about a data breach or ransomware attack. Blackbaud to Pay $3M for Misleading Ransomware Attack Disclosure. To settle the SEC's charges (but without confirming or denying the SEC's findings), Blackbaud has agreed to pay a $3 million civil penalty for failing to disclose the full scope of the cyber-attack. "Public companies have an obligation to provide their investors with accurate and timely material information; Blackbaud failed to do so." David Hirsch, the head of the SEC Enforcement Division's Crypto Assets and Cyber Unit.

  • The Securities and Exchange Commission found in recent examinations that some advisors had inadequate compliance policies and procedures, according to a risk alert released Monday. For instance, advisors used off-the-shelf compliance programs that were not tailored to their businesses or risks, or they outsourced compliance functions without assessing how third parties were performing them. They also allocated too few resources to compliance.


Cyber Risk is Enterprise Risk



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