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TDCI’s Securities Division Reminds Firms To Contact Regulators About Issues Related To SolarWinds Breach

Monday, January 11, 2021 | 10:30am

NASHVILLE — The Tennessee Department of Commerce & Insurance’s (TDCI) Securities Division is reminding financial service registrants, particularly state-registered investment advisers and intrastate broker-dealers, to report any known issues or concerns related to the recent SolarWinds cybersecurity incident to their primary securities regulator.

In December 2020, the federal government reported that SolarWinds, a vendor that provides updating and monitoring software to numerous government agencies and private companies, was the victim of a breach that caused SolarWinds Orion Network Management Products to transmit malware to many of its clients, including federal, state and local governments, as well as other private sector entities.

The U.S. Department of Homeland Security’s Cybersecurity & Infrastructure Security Agency has issued an alert that describes the threat and provides guidance on how to address it. The alert is available here.

“We are issuing this reminder to raise awareness among state registrants and to provide information and resources to help those affected to recover quickly and protect their clients and colleagues,” said TDCI Assistant Commissioner Elizabeth Bowling.

Any firm with known malicious versions of the SolarWinds Orion software should contact its primary regulator. State-registered investment advisers and intrastate broker-dealers in Tennessee should contact the Tennessee Department of Commerce & Insurance’s Securities Division at 615-741-2947.

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