In the Matter of Blackbaud, Inc.

Exchange Act Release No. 11165 (2023)

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In the Matter of Blackbaud, Inc.

United States Securities and Exchange Commission
Exchange Act Release No. 11165 (2023)

Facts

Blackbaud, Inc. (defendant) was a public company that provided data-management software for nonprofit organizations. Blackbaud was hit by a cybersecurity attack that exposed certain data about the nonprofit organizations’ donors. Following an initial investigation, Blackbaud’s technicians told Blackbaud’s senior management that the donors’ personal and banking information had not been compromised. Based on the results of the initial investigation, Blackbaud filed a Form 10-Q with the Securities and Exchange Commission (SEC) disclosing that the company had been hit with a cybersecurity attack but that the donors’ personal and banking information was safe. However, unbeknownst to Blackbaud’s senior management, Blackbaud’s technicians discovered that the donors’ personal and banking data had indeed been hacked. The technicians failed to alert senior management about the full extent of the cybersecurity attack before the Form 10-Q was filed. In a subsequently filed Form 8-K, Blackbaud disclosed for the first time that the donors’ personal and banking data was compromised in the cybersecurity attack. The SEC initiated a cease-and-desist proceeding, charging Blackbaud with failing to have adequate internal controls and procedures to ensure that all material information about the cybersecurity attack was disclosed.

Rule of Law

Issue

Holding and Reasoning ()

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