IIA-CIA-Part3 tricks - Certified Internal Auditor - Part 3, Business Analysis and Information Technology Updated: 2023
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IIA-CIA-Part3 Certified Internal Auditor - Part 3, Business Analysis and Information Technology
Test Detail:
The IIA IIA-CIA-Part3 exam, also known as Certified Internal Auditor - Part 3, Business Analysis and Information Technology, is designed to assess the knowledge and skills of professionals in the areas of business analysis and information technology. This exam focuses on evaluating the candidate's understanding of business processes, risks, and controls, as well as their ability to apply information technology concepts in an auditing context. The following description provides an overview of the IIA IIA-CIA-Part3 exam.
Number of Questions and Time:
The IIA IIA-CIA-Part3 exam typically consists of approximately 100 multiple-choice questions. The exact number of questions may vary. Candidates are given 2.5 hours (150 minutes) to complete the exam. The passing score is typically 600 or higher, on a scaled score range of 250 to 750.
Course Outline:
To prepare for the IIA IIA-CIA-Part3 exam, candidates can enroll in training programs that cover the key Topics and competencies required for business analysis and information technology in the context of internal auditing. These courses provide a comprehensive understanding of business processes, risks, controls, and the role of information technology. The course outline may include the following topics:
1. Business Processes and Risks:
- Understanding business processes and their components
- Identifying and assessing risks in business processes
- Applying risk management techniques
- Internal control frameworks and their role in managing risks
2. Business Process Analysis and Improvement:
- Techniques for analyzing business processes
- Identifying process inefficiencies and improvement opportunities
- Implementing process improvement initiatives
- Monitoring and measuring process performance
3. Information Technology and Internal Audit:
- Understanding the role of information technology in organizations
- IT governance frameworks and principles
- Assessing IT risks and controls
- Auditing IT systems and applications
4. Information Technology Tools and Techniques:
- IT general controls and application controls
- Data analytics and data mining techniques
- Cybersecurity and information security controls
- Emerging technologies and their impact on internal auditing
Exam Objectives:
The IIA IIA-CIA-Part3 exam aims to evaluate the candidate's knowledge and skills in business analysis and information technology within the context of internal auditing. The exam objectives include the following:
1. Understanding business processes and their associated risks.
2. Applying risk management techniques and internal control frameworks.
3. Analyzing and improving business processes to enhance efficiency and effectiveness.
4. Assessing IT risks and controls and their impact on business processes.
5. Utilizing IT tools and techniques in the internal audit process.
6. Understanding emerging technologies and their implications for internal auditing.
Exam Syllabus:
The IIA IIA-CIA-Part3 exam syllabus covers the key Topics and competencies required to excel in business analysis and information technology in the context of internal auditing. The syllabus includes the following areas of study:
- Business processes and their risks
- Internal control frameworks and risk management
- Business process analysis and improvement techniques
- IT governance, risks, and controls
- Information technology tools and techniques in auditing
- Emerging technologies and their impact on internal auditing
IIA Information tricks
Other IIA exams
CCSA Certification in Control Self-Assessment (IIA-CCSA)CFSA Certified Financial Services Auditor (IIA-CFSA)
IIA-CIA-Part1 Certified Internal Auditor - Part 1, The Internal Audit Activitys Role in Governance, Risk, and Control
IIA-CIA-Part2 Certified Internal Auditor - Part 2, Conducting the Internal Audit Engagement
IIA-CIA-Part3 Certified Internal Auditor - Part 3, Business Analysis and Information Technology
IIA-ACCA ACCA CIA Challenge
IIA-CRMA Certification in Risk Management Assurance (CRMA)
IIA-CIA-Part3-3P Business Knowledge for Internal Auditing
IIA-CIA-Part3
Certified Internal Auditor - Part 3, Business Analysis
and Information Technology
https://killexams.com/pass4sure/exam-detail/IIA-CIA-Part3
Question: 414
The bullwhip, or whiplash, effect on inventories begins when retailers face uncertain
demand from consumers caused by randomness in buying habits. It can be avoided by:
A. The need to purchase or manufacture goods in cost-efficient batches.
B. Changes in price that may encourage purchases in anticipation of future increases.
C. Shortages that may lead to rationing by suppliers or manufacturers and hoarding by
manufacturers or retailers.
D. Sharing of information and coordination among the organizations in the supply chain.
Answer: D
Explanation:
Sharing information about sales, inventory, pricing, advertising campaigns, and sales
forecasts by all functions and organizations in the supply chain moderates demand
uncertainty for all parties. The desired results are (1) minimization of inventories held by
suppliers, manufacturers, and retailers; (2) avoidance of stockouts; (3) fewer rush orders;
and (4) production as needed by retailers.
Question: 415
A desired result of the sharing of information by all functions and organizations in the
supply chain is:
A. Fewer rush orders.
B. Maximization of inventories held by suppliers, manufacturers, and retailers.
C. Stockouts.
D. Incompatibility of the information systems of the parties.
Answer: A
Explanation:
Sharing information about sales, inventory, pricing, advertising campaigns, and sales
forecasts by all functions and organizations in the supply chain moderates demand
uncertainty for all parties. The desired results are (1) minimization of inventories held by
suppliers, manufacturers, and retailers; (2) avoidance of stockouts; (3) fewer rush orders;
and (4) production as needed by retailers.
Question: 416
Which of the following are intermediaries between sellers and buyers?
I. Agent
II. Broker
III. Consignee
IV. Consumer
A. I and II only.
B. I and III only.
C. I, II, and III only.
D. I. II, III,and IV.
Answer: C
Explanation:
A distribution channel is a series of interdependent marketing institutions that facilitate
the transfer of a product from producer (seller) to consumer (buyer). Intermediaries
include merchant middlemen, agents, brokers, consignees, and facilitating
intermediaries.
Question: 417
The channel structure in which producers, wholesalers, and retailers act as a unified
system is a:
A. Horizontal distribution system.
B. Vertical distribution system.
C. Unilateral distribution system.
D. Multichannel system.
Answer: B
Explanation:
In vertical distribution systems, producers, wholesalers, and retailers act as a unified
system. Channel conflict is managed through common ownership, contractual
relationships, or administration by one or a few dominant channel members. Horizontal
distribution systems consist of two or more companies at one level of the channel
working together to exploit new opportunities, such as the introduction of ATMs in
supermarkets. The joint nature of horizontal distribution efforts is the tool for managing
channel conflict. In a multichannel system, a single firm sets up two or more channels to
reach one or more customer segments. Because such a system
is managed by a single firm, channel conflicts can be evaluated and managed internally.
Question: 418
Which of the following channel structures have the best means of managing channel
conflict?
I. Conventional
II. Vertical
III. Horizontal
IV. Multichannel
A. I and II.
B. II, III,and IV.
C. I, III,and IV.
D. II and III.
Answer: B
Explanation:
In vertical distribution systems, channel conflict is managed through common
ownership, contractual relationships, or administration by one or a few dominant
channel members. The joint nature of horizontal distribution efforts is the tool for
managing channel conflict. In a multichannel system, because such a system is managed
by a single entity, channel conflicts can be evaluated and managed internally.
Conventional distribution systems consist of one or more independent producers,
wholesalers, and retailers, each of which is a separate profit-maximizing business. The
profit objective of each independent channel member may result in actions that are not
profitmaximizing for the system as a whole, and the conventional distribution system
offers no means for controlling channel conflict.
Question: 419
The airlines have been leaders in the use of technology. Customers can make
reservations either with an airline or through a travel agency. In this situation, a travel
agency is classified as which type of distribution channel?
A. An intermediary
B. A jobber
C. A distributor
D. A facilitating agent
Answer: A
Explanation:
Marketing intermediaries assist companies in promoting, selling, and distributing
theirgoods and services to ultimate consumers. For example, travel agents access an
airline's computerizedreservation system and make reservations for their customers
without ever taking title to the ticket.
Question: 420
On January 1, an entity issued a 10-year US $500,000 bond at 96% of its face amount.
The bond bears interest at 12%, payable on January 1 and July 1. The entry to record the
issuance of the bond on January 1 is:
A. Option A
B. Option B
C. Option C
D. Option D
Answer: C
Explanation:
The entity received US $480,000 cash on the issuance of the bond. Its face amount is
US$500,000, the amount to be paid at maturity. Hence, the credit to bonds payable is
US$500,000. The US$20,000 difference is recorded as a discount on bonds payablea
debitand is amortized over the life of the issue.
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All program applicants should use ERAS to apply. Our program participates in both ERAS and the NRMP Match using the following Program Codes:
Categorical: 1365140C0
Preliminary: 1365140P0
After we receive applications through ERAS, the Program Director and each Associate Program Director will review a selection of applications based on medical school. Each person reviewing applications has a set amount of interview invites available. We then meet as a group to determine whether to either:
- Extend an interview invitation
- Decline to interview
- Place on the waitlist (We very much want to interview you, but we often receive applications from many qualified candidates. We will extend an offer if interview positions open.)
Because of COVID-19, this year’s ERAS timeline has been pushed back. Generally, we would begin releasing interview invitations in late September or early October. This year, however, programs cannot begin to review applications until October 21, 2020. We expect to begin extending interview invitations in early November, with our first interview dates in mid-November.
We will likely conduct interviews through early- to mid-February.
What We Look For
No single element of an application perfectly describes a candidate. We are looking for multifaceted candidates who bring a variety of strengths to our program.
A successful applicant should demonstrate exceptionalism in one or more areas including:
- Clinical clerkship performance throughout the third year and particularly in the core Internal Medicine rotation
- Humanism including Gold Humanism and/or Alpha Omega Alpha awards
- Scholarship and research experience
- Leadership ability
- Resilience and maturity in the face of adversity
- Diversity of thought and background
We recognize either USMLE or COMLEX. We prefer a Step 1 score greater than 220 and a Step 2 score greater than 230. Growth between Step 1 and Step 2 is noted.
Applications are almost automatically rejected based on the following:
- Graduation of medical school greater than 5 years ago unless practicing in another specialty under a US license
- Lack of clinical experience in the US healthcare system
- Multiple failures of certification exams
Interview Process
Congruent with recommendations from the AAMC and NRMP during the COVID-19 pandemic, we will be holding all interviews virtually this year.
We are still working out details on how to make this an immersive and fun experience for the candidates who interview with our program. As we feel our residents are the true strength of our program, you will have ample opportunity to meet many of them.
During the interview day, you will meet for a brief one-on-one chat with the Program Director, and you will interview with two faculty members and one resident. Our goal is to provide you with a great experience virtually “visiting” us and to see if you would be a good fit for our program. Areas we focus on during the application review and interview process include:
- General cognitive ability - How has the candidate performed on standardized tests (USMLE or COMLEX) and during clinical (3rd year) rotations?
- Conscientiousness - Is the candidate likely to feel responsibility to the program, their colleagues, and their patients?
Ability to deal with challenges - Has the candidate faced and overcome adversity? Have they helped to solve problems? - Humanism - Does the candidate reflect our mission to care for the whole patient? Do they have a diverse viewpoint?
- Attitude - Is the candidate interested in medicine? In SLU? In our program?
- Ability as a teammate - Can the interviewer envision working with this candidate as a resident and/or colleague?
- Potential to positively contribute to the program - Is this someone who will be good to have around and as part of the program? Does the interviewer envision them doing something great?
Ranking Criteria
Our scoring for the rank list is based on a number of factors, including:
- Strength of clerkship grades (particularly Internal Medicine but inclusive of other clerkships)
- USMLE or COMLEX scores
- Scoring on faculty interviews
- Scoring on resident interviews
- Global assessment of application (scholarship, contribution to community, leadership roles, and other compelling information)
Using the above factors, program leaders construct a draft rank list. Prior to submission, we then hold a set of 3-4 meetings open to all residents in the program to garner impressions and feedback. After residents approve the list, it is finalized (with no further changes by the program) and submitted. Thus, residents have the final say as to who is joining our team.
Working at a humane society allowed Jill Leviticus to combine her business management experience with her love of animals. Leviticus has a journalism degree from Lock Haven University, has written for Nonprofit Management Report, Volunteer Management Report and Healthy Pet, and has worked in the healthcare field.
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What is the purpose of dreams?
Researchers still aren’t entirely sure, but theories abound. Some experts hypothesize that dreams and nightmares—which often consist, at least in part, of real people, places, and life events—help the brain consolidate memories accumulated over the course of the day, identifying which ones to retain for long-term memory and allowing the rest to fade. Others argue that dream scenarios allow us to process emotions, mull over problems, or act out fantasies in a safe environment. Regardless of their purpose, what is known about dreams is that they appear to be universal—even if some people almost never remember having them.
For more about dreams, see Understanding Dreams or Managing Nightmares.
What is “sleep debt”?
The term “sleep debt” refers to the difference between the amount of sleep someone needs and the amount of sleep they actually get; someone whose body requires 8 hours of sleep per night, for instance, but only gets 6, would accumulate a 14-hour sleep debt over the course of a week. Accumulating a large sleep debt has been associated with increased risk of certain physical and mental health conditions such as diabetes or anxiety.
For more on tackling insufficient sleep, see Overcoming Insomnia.
On most days, Ray Adler, the global head of games for Mattel, carries a deck of UNO cards in his pocket, just in case someone might be up for a friendly round. The nice thing about the game, he said in an interview, is that it transcends language barriers and is familiar to just about everyone. Sitting down to a spontaneous game is a great way to break the ice.
UNO is beloved by millions of people who play in order to enjoy time with their family and friends, teach their children about colors and numbers, and take pleasure in a game well played.
They also play to crush their opponents, as Mattel well knows — the title of an upcoming version incorporates the phrase “show ’em no mercy.”
The key to winning just about any multiplayer game is an artful combination of strategy, an ability to read your opponents’ minds and the luck of the draw.
Sometimes it is also about hoarding the action and wild cards so your opponents can’t have them, or surreptitiously sticking two or more cards together so that the other players think you are only putting down one. Not that I have ever tried anything like that, at least not when anyone was looking.
Fortunately, there are ways to increase your chances of winning at UNO, and not all of them involve subterfuge.
It pays to understand how your opponents view the rules.
A good place to start is to understand the people you are playing with.
UNO was invented in 1971 because Merle Robbins, a barber in Reading, Ohio, wanted to resolve an argument with his son, Ray, about how to play Crazy Eights, a similar card-shedding game. Admittedly, creating an entirely new game to clarify another is a bit extreme as house rules go, but we wouldn’t have UNO without it, so we’ll let that one slide.
There are more than 600 varieties of UNO decks and spinoffs, which tells you something about how much tweaking the rules matters to players, and that doesn’t even count the more amusing modifications that are made just for fun.
Alan Yacavone, the executive director of end user services at The New York Times, plays a version that he calls “spicy UNO.” One of the house rules in this variant cuts down on the inevitable fighting that breaks out during the game by effectively muting discussions.
“Placing a 7 toggles whether anyone can speak or not,” Mr. Yacavone said. “If you speak when it’s toggled on, you draw one card for each word said.”
In any version of UNO, however, there has to be at least one house rule that provokes an argument. “If you don’t have a card to play, you can ask for help,” Mr. Yacavone said. “Other people can offer you any card — whether it’s helpful or not! — and you can keep taking them” until a card can be played.
Julie Wach, a senior manager of marketing and media strategy at The Times, used to play with a family who injected some levity into the game by demanding that players take action at certain key points, such as yelling “Couples only!” when two Draw 2 cards were played in a row, or beeping like a truck horn when a Reverse card was played.
TL;DR: Ask the members of your group if there is anything you should know about how they play. You don’t want to be caught not beeping.
Play your high value number cards first so you’re not holding as many points at the end.
UNO can be played strictly as a card-shedding game or for points. In a points-based game, players provide their remaining cards to the person who won the round. The values for the cards are tallied, and the player who reaches 500 points first wins.
The official Mattel instructions sheet designates these points as follows:
All numbered cards: Face value.
Draw 2 action card: 20 points.
Reverse action card: 20 points.
Skip action card: 20 points.
Wild card: 50 points.
Wild Draw 4 card: 50 points.
Wild Shuffle Hands card: 40 points.
Wild Customizable card: 40 points.
Playing well requires a delicate balance between hoarding the action and wild cards until you need to stop someone from winning and frantically shedding them so you don’t have to hand 40 or 50 points to your opponent.
The hoarding philosophy is adhered to by my UNO guru, Oskar Park-Bonisteel, a resident of the Flatbush neighborhood of Brooklyn, who happens to be 5 years old. Oskar has been playing for two years, which technically gives him a two-year playing advantage on me, so I hang on every word he says.
Like most 5-year-olds, Oskar doesn’t mess around. His favorite card is the Draw 4, which inflicts substantial damage in the form of four additional cards on the next player. “I like saving the strict ones until they have not so many cards,” Oskar said about his opponents. Then he pounces. I think he has a brilliant future ahead of him.
Change the color card in play as often as possible.
Opponents who are playing a lot of blue cards, say, are probably loaded with them. If you can keep the color changing to anything except blue, they will be forced to keep those cards in their hands.
This is Morgan Rebernik’s strategy. Ms. Rebernik, a personal trainer from Bridgewater, N.J., likes to use a Draw 4 wild card when she has one because it allows her to change the color in play, and it requires the next player to pull four cards from the deck. That player must also forfeit a turn.
“I just think it’s the most powerful card because not only are you changing the color, but you are also screwing over the person next to you,” she said, laughing.
And if you are not doing that, are you really even playing UNO?
The UNO Reverse card: What can’t it do?
For one, it can be used to eliminate the next player’s chance to get rid of a card by reversing the order of play. If that person has only one card left, playing the Reverse can yank the player back from the brink of a triumphant victory. Try not to gloat, unless that’s one of the house rules.
The Reverse card is so powerful that it has spilled over into popular culture, effectively replacing the “no u” meme as a comeback in which, when people say they will do something to you, it causes them to do it to themselves instead. It even works in sports, as Max Fosh, the British satirist, demonstrated when a soccer referee gave him a yellow card during a charity game. At the time of this writing, it was not clear whether the official was made to return to the bench.
Pass your bad luck on to the next player by stacking draw cards.
This is not in the official rules, Mr. Adler reminded me, but some players like to place another draw card on top of one that was played by the previous player. And that punishment is cumulative for the next player.
“So, if the person next to me plays a Draw 2,” Chris Buonincontri, a talent manager at The Times, said, “I can play another Draw 2 (instead of picking up two cards, which is technically the rule) and the person next to me has to now draw four.”
If the next player also plays a Draw 2, the next person must draw six. “This also gets way out of hand and some poor kid might be brought to tears by having to draw 18 cards,” Mr. Buonincontri said.
Try to save a wild card for your last play.
It’s tempting to play a wild card any time you want to switch the gameplay back to a color you have a lot of, but think about it: A wild card is anything you want it to be. If you save that to play last, you don’t have to wait for someone to introduce your color, number or action card.
For the love of all that is holy, don’t forget to yell “UNO!”
It’s easy to get caught up in the excitement and forget a crucial part of your endgame, which is calling out the name of the game when you have only one card left. (This was part of the original marketing plan. Mr. Robbins felt that having players yell “UNO!” throughout the evening reinforced the name of the game in people’s minds.)
If you forget to say “UNO!” before you put your second-to-last card down, you are required to draw four more cards as a penalty, according to the official rules. That definitely puts a crimp in your march toward victory, so remind yourself of this rule when you only have two cards left.
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Students come to The New School to challenge convention and create positive change. If you're ready to gain the skills and experiences you'll need to shape our complex world, we hope you'll apply for one of our undergraduate programs.
Each of our undergraduate colleges has unique application requirements. If you have questions about requirements for your college of interest, please email [email protected] to be connected to a member of our undergraduate team.
How to Apply
- Select your college. Not sure which college at The New School is right for you? Explore your options.
- Follow the specific application instructions. Once you've selected your college, review the application instructions and requirements for your program of interest.
- Complete the application for your intended degree. If you're applying to a bachelor's degree program at Parsons School of Design, Parsons Paris, Eugene Lang College of Liberal Arts, Mannes School of Music, the School of Jazz and Contemporary Music, or the School of Drama, you should submit the Common Application. If you're applying to an associate's degree program at Parsons School of Design or to the Adult Bachelor's Program, you should submit The New School’s Online Application. If you're a former New School student applying for readmission to your former program, you should submit the Application for Readmission. If you're a current New School student applying to a different New School college, you should submit the Internal Transfer Application. Visiting students can find more information on how to apply on our Visiting Students website.
- Check your application status. Log in to your Admission Hub to check the status of your application materials. Applications become complete and ready for review once all required items have been received by the Office of Admission. Allow at least ten days from the date you submitted your application for the application materials checklist to appear. After reviewing your checklist in the Admission Hub, follow up with schools and recommenders to confirm that your transcripts, recommendations, and other materials have been sent to us.
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We will waive application fees if:
If you believe you meet at least one of the requirements or might qualify because of your financial circumstances, please email the Office of Admission at [email protected] or call 212.229.5150. We'll contact you if additional documentation is required.
Internal Transfer Applicants
We're committed to helping students find the best programs to meet their educational and career goals. Regular communication with advising staff, faculty, and other university administrators can help inform you on course choices and internship opportunities. If your educational plan cannot be accommodated in the your current New School college, an internal transfer may be appropriate.
New School students may file an application for internal transfer in their second semester of study. For the application process, students applying to transfer to Parsons must submit a portfolio; students applying to transfer to a BFA program at Parsons Paris must submit a portfolio. Students applying to transfer to the College of Performing Arts must audition. Internal transfer admission is subject to available space, program criteria, and the eligibility conditions listed below. We accommodate internal transfer requests whenever possible, but accommodation of these requests is not guaranteed. Students should consult with the Financial Aid office to learn about any changes in financial aid packages before accepting an offer of admission. Students should also consult with their advisors about potential changes in their undergraduate degree completion time.
To be eligible for internal transfer, you must:
- Be in good academic standing
- Not have academic, student support, or financial holds on your student record
- Be enrolled when filing your application
- Have completed a minimum of one semester at The New School
Application requirements include:
- Submission of the Internal Transfer Application by March 1 for fall, or October 15 for spring
- Submission of essay: Please describe your interest in the school, college, or program you are applying to. We are also interested in learning why the program you are enrolled in is not the right fit for you. Share any additional information you would like the admission committee to know while they review your academic record. (250-600 words)
- Portfolio or audition, if applicable
- Confirmation of transfer within three weeks of offer
Applicants for Readmission
A former New School student applying for readmission to their former program should apply as a reapplicant through the Application for Readmission. You can qualify to apply as reapplicant if you meet one of the following conditions:
- You haven't been enrolled at The New School for four consecutive semesters.
- You withdrew from The New School and didn't take a formal leave of absence.
- You were dismissed for academic or disciplinary reasons.
If readmitted, students are not guaranteed the same merit scholarship and/or need-based financial aid received when they were first enrolled at The New School and, if eligible, will need to submit an updated FAFSA for need-based financial aid consideration.
Application requirements include:
- Submission of the Application for Readmission by April 1 for fall at Parsons Paris, July 15 for fall at The New School in New York, or October 15 for spring
- Submission of essay: Please explain why you left The New School, your activities since your departure, your reasons for wishing to return, and why you believe you will be successful at The New School. Share any additional information you would like the admission committee to know while reviewing your record. (250-600 words)
- Portfolio (Parsons Paris only) or audition (College of Performing Arts)
- Absence of academic, student support, or financial holds on your student record
- Commitment to re-enrolling within three weeks of your offer
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SolarWinds (NYSE:SWI) and its chief information security officer were charged with fraud and internal control failures by the SEC on Monday.
Shares were little changed post-market on Monday.
The Securities and Exchange Commission said SolarWinds (SWI) and executive Timothy Brown defrauded investors by overstating the company's cybersecurity practices and understating or failing to disclose known risks. The fraud happened from at least its October 2018 initial public offering through at least its December 2020 announcement that it was the target of a "massive" cyberattack dubbed “SUNBURST."
In its filings with the SEC during this period, SolarWinds (SWI) allegedly misled investors by disclosing only generic and hypothetical risks when the company. Brown knew of specific deficiencies in the company's cybersecurity practices as well as the increasingly elevated risks it faced, the SEC alleged.
“We are disappointed by the SEC’s unfounded charges related to a Russian cyberattack on an American company and are deeply concerned this action will put our national security at risk," the company said in a statement to Seeking Alpha. "The SEC’s determination to manufacture a claim against us and our CISO is another example of the agency’s overreach and should alarm all public companies and committed cybersecurity professionals across the country. We look forward to clarifying the truth in court and continuing to support our customers through our Secure by Design commitments."
“For years, SolarWinds and Brown ignored repeated red flags about SolarWinds’ cyber risks, which were well known throughout the company and led one of Brown’s subordinates to conclude: ‘We’re so far from being a security minded company,’” said Gurbir Grewal, director of the SEC’s division of enforcement. “SolarWinds and Brown engaged in a campaign to paint a false picture of the company’s cyber controls environment, thereby depriving investors of accurate material information."
Earlier this year, Brown was named chief information security officer of the year by the Globee Cybersecurity Awards and awarded Gold — the highest level of recognition — in the Information Technology category.
In an internal 2018 presentation, SolarWinds (SWI) said its remote access set-up was “not very secure” and that someone exploiting the vulnerability “can basically do whatever without us detecting it until it’s too late,” which could lead to “major reputation and financial loss."
Brown made presentations in 2018 and 2019 that said that the “current state of security leaves us in a very vulnerable state for our critical assets” and that “[a]ccess and privilege to critical systems/data is inappropriate.”
In June 2020, while investigating a cyberattack on a SolarWinds (SWI) customer, Brown wrote that it was “very concerning” that the attacker may have been looking to use SolarWinds’ Orion software in larger attacks because “our backends are not that resilient.”
A September 2020 internal document shared with Brown and others stated that “the volume of security issues being identified over the last month have [sic] outstripped the capacity of engineering teams to resolve.”
The SEC’s complaint alleges that Brown was aware of SolarWinds’ cybersecurity risks and vulnerabilities but failed to resolve the issues or, at times, sufficiently raise them further within the company. As a result of these lapses, the company allegedly also could not provide reasonable assurances that its most valuable assets, including its flagship Orion product, were adequately protected.
The SEC’s complaint, filed in the Southern District of New York, alleges that SolarWinds and Brown violated the antifraud provisions of the Securities Act of 1933 and of the Securities Exchange Act of 1934; SolarWinds violated reporting and internal controls provisions of the Exchange Act; and Brown aided and abetted the company’s violations. The complaint seeks permanent injunctive relief, disgorgement with prejudgment interest, civil penalties, and an officer and director bar against Brown.
This story has been updated to include company comment.
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