Blackbaud to Pay US SEC $3m Over Misleading Disclosures Charges

Blackbaud agreed to pay civil penalty of $3M to settle charges by the US Securities and Exchange Commission for making misleading disclosures about a 2020 ransomware attack that impacted more than 13,000 customers, according to a SEC statement.

• “As the order finds, Blackbaud failed to disclose the full impact of a ransomware attack despite its personnel learning that its earlier public statements about the attack were erroneous,” said David Hirsch, Chief of the SEC Enforcement Division’s Crypto Assets and Cyber Unit
• “Without admitting or denying the SEC’s findings, Blackbaud agreed to cease and desist from committing violations of these provisions,” ...