EVERSPIN TECHNOLOGIES INC 10-K Cybersecurity GRC - 2024-02-29

Page last updated on April 11, 2024

EVERSPIN TECHNOLOGIES INC reported their cybersecurity risk management and governance process in a yearly 10-K filed on 2024-02-29 16:13:28 EST.

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10-K filed on 2024-02-29

EVERSPIN TECHNOLOGIES INC filed an 10-K at 2024-02-29 16:13:28 EST
Accession Number: 0001558370-24-002185

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Item 1C. Cybersecurity.

Item 1C. Cybersecurity. Risk Management and Strategy We implement and maintain various information security processes designed to identify, assess and manage material risks from cybersecurity threats to our critical comp uter networks, third party hosted services, communications systems, hardware and software, products and our critical data, including intellectual property, confidential information that is proprietary, strategic or competitive in nature (collectively, Information Systems and Data ). Our Senior Director of Information Technology ( IT ), internal IT, information security and legal functions, and third-party service providers (collectively, Cybersecurity Team ) help identify, assess and manage the Company s 26 Table of Contents cybersecurity threats and risks. Our Cybersecurity Team identifies and assesses risks from cybersecurity threats by monitoring and evaluating our threat environment. The Cybersecurity Team uses various methods designed to accomplish this task including, for example: manual tools, automated tools, subscribing to reports and services that identify cybersecurity threats, analyzing reports of threats and threat actors, scanning the threat environment, evaluating our and our industry s risk profile, maintaining policies designed to coordinate our efforts with law enforcement to respond to threats, internal and external audits, conducting threat assessments, conducting third party threat assessments, and conducting vulnerability assessments. Depending on the relevant information systems environment, we implement and maintain various technical, physical, and organizational measures, processes, standards and policies designed to manage and mitigate material risks from cybersecurity threats to our Information Systems and Data, including, for example: an incident response strategy, incident detection and response measures, a vulnerability management policy, risk assessments, encryption of certain data, network security controls, data segregation, access controls, physical security controls, systems monitoring controls, personnel training, penetration testing, cybersecurity insurance, dedicated cybersecurity personnel, background checks for certain personnel, vendor management strategies, and asset management strategy (such as tracking and disposal of Company information systems). Our assessment and management of material risks from cybersecurity threats are integrated into the Company s overall risk management processes. For example, the Senior Director of IT works with management to prioritize our risk management processes and mitigate cybersecurity threats that are more likely to lead to a material impact to our business. We use service providers in an effort to identify, assess, and manage material risks from cybersecurity threats, including for example: threat intelligence service providers, cybersecurity consultants, penetration testing firms, cybersecurity software providers, managed cybersecurity service providers, and professional services firms (including legal counsel). We use service providers to perform a variety of functions throughout our business, such as application providers, hosting companies, and contract manufacturing organizations. We maintain a vendor management strategy designed to manage cybersecurity risks associated with our use of these providers. The strategy includes vendor risk assessments, security assessment reviews, and imposing information security contractual obligations on a vendor as appropriate. Depending on the nature of the services provided, the sensitivity of the Information Systems and Data at issue, and the identity of the provider, our vendor management strategy may involve different levels of assessment designed to help identify, mitigating and manage cybersecurity risks associated with a particular provider. For a description of the risks from cybersecurity threats that may materially affect the Company and how they may do so, see our risk factors under Part 1. Item 1A. Risk Factors in this Annual Report on Form 10-K, including Interruptions in or other compromises of our information technology systems or data or that of third parties upon whom we rely could adversely affect our business. Governance Our board of directors addresses the Company s cybersecurity risk management as part of its general oversight function. The board of directors is responsible for overseeing Company s cybersecurity risk management processes, including oversight and mitigation of risks from cybersecurity threats. Our cybersecurity risk assessment and management processes are implemented and maintained by certain Company management, including our Senior Director of IT, the Chief Executive Officer, and the Chief Financial Officer. Our Senior Director of IT has approximately 25 years of experience in IT and cybersecurity. Our cybersecurity incident response and vulnerability management policies are designed to escalate certain cybersecurity incidents and threats to management members depending on the circumstances, including the Chief Executive Officer and Chief Financial Officer. The Chief Executive Officer and Chief Financial Officer work with the Company s incident response team in an effort to help the Company mitigate and remediate cybersecurity incidents of which they are notified. In addition, the Company s management and its designees report to the board of directors for certain cybersecurity incidents. The board of directors receives periodic reports from management and its designees concerning the Company s significant cybersecurity threats and risks, and the processes the Company has implemented in an effort to address them. The board of directors also has access to various reports, summaries or presentations related to cybersecurity threats, risk, and mitigation. 27 Table of Contents

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