SolarWinds Board Sued by Pension Funds Over Cyberattack (1)

Two pension funds sued the SolarWinds Corp. board in Delaware, blaming oversight failures that “defied elementary cybersecurity standards” for a massive cyberattack by Russian hackers that compromised the systems of major U.S. companies and “critical” government agencies.

The derivative lawsuit, made public Friday in Delaware Chancery Court, accuses the SolarWinds board of turning a blind eye before the hack to widespread warnings about “the specific and heightened risk” of “supply chain” attacks on cybersecurity companies themselves.

Although the directors “must have known” about the “catastrophic and surging risks” of supply chain cyberattacks, they “utterly” failed to monitor cybersecurity risks that ...