Fintech Giant Marquis Sues Firewall Provider SonicWall Over Ransomware Attack

Marquis claims SonicWall's security failings led to hackers stealing sensitive customer data and deploying ransomware on its network.

Published on Feb. 24, 2026

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Fintech company Marquis is suing its firewall provider SonicWall, alleging that a 2025 breach at SonicWall exposed critical security information that allowed hackers to steal sensitive customer data and deploy ransomware on Marquis' network. Marquis claims SonicWall failed to properly secure its firewall backup service, leading to the breach that caused "significant reputational, operational, and financial harm" to Marquis.

Why it matters

This lawsuit highlights the growing cybersecurity risks that companies face from vulnerabilities in third-party service providers. As businesses increasingly rely on cloud-based tools and services, a breach at one vendor can have cascading impacts on their clients. The case also raises questions about vendor risk management and the responsibilities of cybersecurity providers to safeguard customer data.

The details

According to the lawsuit, hackers were able to steal information about how Marquis and other SonicWall customers configured their firewalls, including emergency passcodes that allowed the attackers to access Marquis' internal network. The stolen data included personally identifiable information on customers of Marquis' financial institution clients, such as names, dates of birth, addresses, and financial account details.

  • SonicWall first admitted a breach of its systems in mid-September 2025.
  • In October 2025, SonicWall conceded that every customer had their firewall backup files stolen in the breach.
  • Marquis began notifying affected individuals of the data breach in December 2025.

The players

Marquis

A fintech giant that provides data visualization services to hundreds of banks and credit unions.

SonicWall

A firewall provider that Marquis alleges failed to properly secure its firewall backup service, leading to the breach.

Satin Mirchandani

The chief executive of Marquis.

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What they’re saying

“SonicWall allowed a threat actor to obtain the keys to bypass that line of defense and walk right into Marquis's internal network, the very thing that SonicWall's firewall was supposed to prevent.”

— Satin Mirchandani, Chief Executive Officer, Marquis (Lawsuit filing)

“While we were able to secure our network and client data quickly, our investigation revealed that our exposure to threat actors was due to SonicWall's network breach and failure to notify us that our firewall protection was potentially compromised.”

— Satin Mirchandani, Chief Executive Officer, Marquis (TechCrunch)

What’s next

The judge in the case will decide whether to allow the lawsuit to proceed to a jury trial.

The takeaway

This case underscores the critical importance of third-party vendor risk management and the need for cybersecurity providers to maintain the highest standards of data protection. It also highlights the significant financial and reputational damage that can result when a breach at one company cascades to impact its clients.