07:22 AM EDT, 03/28/2024 (MT Newswires) -- (Updates with a response from the Securities and Exchange Commission in the last paragraph.)

The US Securities and Exchange Commission is ramping up its inquiries into the 2020 SolarWinds ( SWI ) cyberattack, focusing on how technology and telecommunications companies responded, Bloomberg News reported Wednesday, citing unnamed sources familiar with the matter.

In the cyberattack, SolarWinds' ( SWI ) Orion software was used by hackers in the digital disruption that affected nine federal agencies and about 100 companies, Bloomberg said. Sources told the news outlet that the SEC is questioning victim companies on how they responded to the cyberattack.

According to the report, sources said the SEC is also looking into the companies' internal communications to check for gaps in their cybersecurity. Bloomberg said this probe follows the lawsuit that the SEC filed against SolarWinds ( SWI ) in October, alleging that the company failed to maintain sufficient controls and defrauded its investors by downplaying security risks.

In an emailed response to a query by MT Newswires, the SEC declined to comment.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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