BASSETT FURNITURE INDUSTRIES INC 10-K Cybersecurity GRC - 2024-01-25

Page last updated on April 11, 2024

BASSETT FURNITURE INDUSTRIES INC reported their cybersecurity risk management and governance process in a yearly 10-K filed on 2024-01-25 16:58:47 EST.

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10-K filed on 2024-01-25

BASSETT FURNITURE INDUSTRIES INC filed an 10-K at 2024-01-25 16:58:47 EST
Accession Number: 0001437749-24-002203

Item 1C. Cybersecurity.

Not applicable because the Company’s fiscal year ended prior to December 15, 2023.

Item 1A. Risk Factors.

We have previously and may continue in the future to incur costs resulting from security risks we face in connection with our electronic processing, storage and transmission of confidential information whether on computer systems maintained on our internal network or by third parties that may host certain of our systems. We may also incur reputational harm resulting from these security risks.

We accept electronic payment cards in our stores and also gather certain personal identifiable information in the processing of our retail sales transactions. Certain of these transactions were processed through our e-commerce site that was hosted and maintained by a third party that was subject to at least one data breach. We have subsequently moved our e-commerce site to another provider that we believe provides greater overall security. We also store and process confidential information pertaining to our employees and other third parties on our networks. We have and may in the future become subject to claims for purportedly fraudulent transactions arising out of the actual or alleged theft of credit or debit card information. In addition, if there were a disclosure of confidential information provided by, or concerning, our employees, customers or other third parties, including through inadvertent disclosure, unapproved dissemination, or unauthorized access, our reputation could be harmed, and we could be subject to civil or criminal liability and regulatory actions. Proceedings related to theft of credit or debit card information may be brought by payment card providers, banks and credit unions that issue cards, cardholders (either individually or as part of a class action lawsuit) and federal and state regulators. Any such proceedings could distract our management from running our business and cause us to incur significant unplanned losses and expenses. Consumer perception of our brand could also be negatively affected by these events, which could further adversely affect our results and prospects.

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