Bionano Genomics, Inc. 10-K Cybersecurity GRC - 2024-03-05

Page last updated on April 11, 2024

Bionano Genomics, Inc. reported their cybersecurity risk management and governance process in a yearly 10-K filed on 2024-03-05 17:26:17 EST.

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10-K filed on 2024-03-05

Bionano Genomics, Inc. filed an 10-K at 2024-03-05 17:26:17 EST
Accession Number: 0001411690-24-000013

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Item 1C. Cybersecurity.

ITEM 1C. CYBERSECURITY Risk management and strategy We have implemented and maintain various information security processes designed to identify, assess and manage material risks from cybersecurity threats to our critical computer networks, third party hosted services, communications systems, hardware and software, and our critical data, including intellectual property, confidential information that is proprietary, strategic or competitive in nature, and customer data that use to provide services for our customers ( Information Systems and Data ). Our Chief Information Security Officer ( CISO ) with help from our legal department and our security and compliance team from our IT infrastructure department help identify, assess and manage the Company s cybersecurity threats and risks. The Company identifies and assesses risks from cybersecurity threats by monitoring and evaluating our threat environment using various methods including, for example using manual and automated tools, conducting scans of the threat environment, conducting internal and external threat and vulnerability assessments, conducting internal and external audits, subscribing to reports and services that identify cybersecurity threats, analyzing reports of threats and actors, conducting third party assessments and evaluating threats reported to us. Depending on the 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 plan, incident detection and response, disaster recovery plan, encryption of certain data, network security controls, access controls, asset management, tracking and disposal, employee training, penetration testing, systems monitoring and cybersecurity insurance. Our assessment and management of material risks from cybersecurity threats are integrated into the Company s overall risk management processes. For example, the security and compliance team 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, and evaluates material risks from cybersecurity threats and reports to the audit committee of the board of directors ( Audit Committee ), which evaluates our overall enterprise risk. We use third-party service providers to assist us from time to time to identify, assess, and manage material risks from cybersecurity threats, including for example professional services firms including outside legal counsel, cybersecurity consultants, penetration testing firms, cybersecurity software providers, managed cybersecurity service providers and threat intelligence service providers. We use third-party service providers to perform a variety of functions throughout our business, such as application providers and hosting companies. We have a vendor management program to manage cybersecurity risks associated with our use of these providers. The program includes vulnerability scans related to vendors and a review of vendors security certification reports. Depending on the nature of the services provided, the sensitivity of the Information Systems and Data at issue, and the identity of the provider, the Company may involve different levels of assessment designed to help identify cybersecurity risks associated with a provider and impose contractual obligations related to cybersecurity on the provider. We have not experienced a cybersecurity incident that would materially affect the company s business strategy, results of operations or financial position. 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, including If our information technology systems or data or those of third parties upon which we rely, are or were compromised, we could experience adverse consequences resulting from such compromise, including but not limited to regulatory investigations or actions; litigation; fines and penalties; disruptions of our business operations; reputational harm; loss of revenue or profits; loss of customers or sales; and other adverse consequences. Governance Our board of directors addresses the Company s cybersecurity risk management as part of its general oversight function. The Audit Committee is responsible for overseeing the Company s cybersecurity risk management processes, including oversight of mitigation of risks from cybersecurity threats. Our cybersecurity risk assessment and management processes are implemented and maintained by certain Company management, including our CFO who serves as our CISO. Our CISO relies on both internal and external cybersecurity resources to manage overall cybersecurity risks. The Company s CFO is responsible for hiring appropriate personnel, helping to integrate cybersecurity risk considerations into the Company s overall risk management strategy, and communicating key priorities to relevant personnel. The Company s CFO is responsible for approving budgets, helping prepare for cybersecurity incidents, approving cybersecurity processes, and reviewing security assessments and other security-related reports. Our cybersecurity incident response plan is designed to escalate certain cybersecurity incidents to members of management depending on the circumstances, including IT security leadership, the CFO, CEO, General Counsel ( GC ) and third-party consultants as needed. IT security leadership, the CFO, CEO and GC work with the Company s incident response team to help the Company mitigate and 70 Table of Contents remediate cybersecurity incidents of which they are notified. In addition, the Company s incident response plan includes reporting to the Audit Committee for certain cybersecurity incidents. The Audit Committee receives periodic reports concerning the Company s significant cybersecurity threats and risk and the processes the Company has implemented to address them. The Audit Committee also receives various reports, summaries or presentations related to cybersecurity threats, risk and mitigation. 71 Table of Contents

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