QCR HOLDINGS INC 10-K Cybersecurity GRC - 2024-02-29

Page last updated on April 11, 2024

QCR HOLDINGS INC reported their cybersecurity risk management and governance process in a yearly 10-K filed on 2024-02-29 17:01:34 EST.

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10-K filed on 2024-02-29

QCR HOLDINGS INC filed an 10-K at 2024-02-29 17:01:34 EST
Accession Number: 0001558370-24-002208

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Item 1C. Cybersecurity.

Item 1C. Cybersecurity We rely extensively on various information systems and other electronic resources to operate our business. In addition, nearly all of our customers, service providers and other business partners on whom we depend, including the providers of our online banking, mobile banking and accounting systems, use these systems and their own electronic information systems. Any of these systems can be compromised, including through the employees, customers and other individuals who are authorized to use them, and bad actors use a sophisticated and constantly evolving set of software, tools and strategies to do so. Moreover, the nature of our business, as a financial services provider, and our relative size, make us and our business partners high-value targets for these bad actors to pursue. Accordingly, we have devoted significant resources to assessing, identifying and managing risks associated with cybersecurity threats, including: an internal cybersecurity team that is responsible for establishing security standards and conducting regular assessments of our information systems, controls, vulnerabilities and potential improvements; continuous monitoring tools to detect and respond to cybersecurity threats in real-time; performing due diligence with respect to our third-party service providers, including their cybersecurity practices, and requiring contractual commitments from our service providers to take certain cybersecurity measures; third-party cybersecurity consultants, who conduct periodic penetration testing and vulnerability assessments to identify potential weaknesses in our systems and processes; and 31 Table of Contents periodic cybersecurity training for our workforce. This information security program is a key part of our overall risk management system, which is administered by our Chief Risk Officer. The program includes administrative, technical and physical safeguards to help ensure the security and confidentiality of customer records and information. These security and privacy policies and procedures are in effect across all of our businesses and geographic locations. From time-to-time, we have identified cybersecurity threats and cybersecurity incidents that require us to make changes to our program and to implement additional safeguards. While none of these identified threats or incidents have materially affected us, it is possible that threats and incidents we identify in the future could have a material adverse effect on our business strategy, results of operations and financial condition. Our management team is responsible for the day-to-day management of risks we face, including our current Chief Operating Officer and Chief Security Officer. These officers are both experienced Certified Information Systems Security Professionals (CISSPs) who have more than 10 years of relevant experience in technology, security, and risk management across multiple industries, including finance and banking. In addition, our board of directors, as a whole and through its Risk Oversight Committee (the Risk Committee ), is responsible for the oversight of risk management. In that role, our board of directors and Risk Committee, with support from the Company s cybersecurity advisors, are responsible for ensuring that the risk management processes designed and implemented by management are adequate and functioning as designed. To carry out those duties, both our board of directors and the Risk Committee receive quarterly reports from our management team regarding cybersecurity risks, and the Company s efforts to prevent, detect, mitigate and remediate any cybersecurity incidents.

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