Unisys settles SEC investigation into cybersecurity incidents for $4 million

Unisys (UIS) said it had reached a non-scientifically based administrative proceeding agreement, based on neither approval nor denial, with the Securities and Exchange Commission in connection with the SEC investigation, which the company previously disclosed. The violations relate to the Company’s policies, procedures and risk disclosures related to certain cybersecurity incidents, as well as issues related to the escalation of cybersecurity incidents, which the Company disclosed in November 2022. This settlement fully resolves the SEC investigation into the company. Unisys “concluded that it was in the best interests of the Company and its shareholders to resolve this matter constructively with the SEC.” Under the terms of the settlement, the company agreed to issue an order censuring violations of non-scientifically based data provisions of the federal securities laws and the rules promulgated thereunder, and a cease and desist letter from committing or causing any violations of such securities laws. The company agreed to pay a $4 million civil penalty within 10 days of entry of the order, which was fully reflected in the company’s 2023 financials.

First published on The fly – the ultimate source for breaking, real-time, market-moving financial news. Try it now>>

See today’s top performing stocks on TipRanks >>