A.K.A. BRANDS HOLDING CORP. 10-K Cybersecurity GRC - 2024-03-07

Page last updated on April 11, 2024

A.K.A. BRANDS HOLDING CORP. reported their cybersecurity risk management and governance process in a yearly 10-K filed on 2024-03-07 16:08:20 EST.

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10-K filed on 2024-03-07

A.K.A. BRANDS HOLDING CORP. filed an 10-K at 2024-03-07 16:08:20 EST
Accession Number: 0001865107-24-000010

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Item 1C. Cybersecurity.

ITEM 1C. CYBERSECURITY Cybersecurity represents a critical component of the Company s overall approach to risk management. The Company s cybersecurity policies, standards and practices are fully integrated into the Company s enterprise risk management ( ERM ) approach, and cybersecurity risks are among the core enterprise risks that are subject to oversight by the Company s Board of Directors (the Board ). The Company s cybersecurity policies, standards and practices follow recognized frameworks established by the National Institute of Standards and Technology ( NIST ). The Company generally approaches cybersecurity threats through a cross-functional, multilayered approach, with specific the goals of: (i) identifying, preventing and mitigating cybersecurity threats to the Company; (ii) preserving the confidentiality, security and availability of the information that we collect and store to use in our business; (iii) protecting the Company s intellectual property; (iv) maintaining the confidence of our customers, clients and business partners; and (v) providing appropriate public disclosure of cybersecurity risks and incidents when required. Risk Management and Strategy Consistent with overall ERM policies and practices, the Company s cybersecurity program focuses on the following areas: Vigilance: The Company maintains a global presence, with cybersecurity threat operations functioning 24/7 with the specific goal of identifying, preventing and mitigating cybersecurity threats and responding to cybersecurity incidents in accordance with our established incident response and recovery plans. Systems Safeguards: The Company deploys systems safeguards that are designed to protect the Company s information systems from cybersecurity threats, including firewalls, intrusion prevention and detection systems, anti-malware functionality and access controls, which are evaluated and improved through ongoing vulnerability assessments and cybersecurity threat intelligence. Collaboration: The Company utilizes collaboration mechanisms established with public and private entities, including intelligence and enforcement agencies, industry groups and third-party service providers, to identify, assess and respond to cybersecurity risks. Third-Party Risk Management: The Company maintains a comprehensive, risk-based approach to identifying and overseeing cybersecurity risks presented by third parties, including vendors, service providers and other external users of the Company s systems, as well as the systems of third parties that could adversely impact our business in the event of a cybersecurity incident affecting those third-party systems. Training: The Company provides periodic mandatory training for personnel regarding cybersecurity threats, which reinforces the Company s information security policies, standards and practices, and such training is scaled to reflect the roles, responsibilities and information systems access of such personnel. Incident Response and Recovery Planning: The Company has established and maintains comprehensive incident response and recovery plans that fully address the Company s response to a cybersecurity incident and the recovery from a cybersecurity incident, and such plans are tested and evaluated on a regular basis. Communication, Coordination and Disclosure: The Company utilizes a cross-functional approach to address the risk from cybersecurity threats, involving management personnel from the Company s technology, operations, legal, risk management, internal audit and other key business functions, as well as the members of the Board and the Audit Committee of the Board in an ongoing dialogue regarding cybersecurity threats and incidents, while also implementing controls and procedures for the escalation of cybersecurity incidents pursuant to established thresholds so that decisions regarding the disclosure and reporting of such incidents can be made by management in a timely manner. Governance: The Board s oversight of cybersecurity risk management is supported by the Audit Committee, which regularly interacts with the company s ERM function and the Company s Chief Information Security Officer. 47 Table of Contents A key part of the Company s strategy for managing risks from cybersecurity threats is the ongoing assessment and testing of the Company s processes and practices through auditing, assessments, tabletop exercises, threat modeling, vulnerability testing and other exercises focused on evaluating the effectiveness of our cybersecurity measures. The Company regularly engages third parties to perform assessments on our cybersecurity measures, including information security maturity assessments, audits and independent reviews of our information security control environment and operating effectiveness. The results of such assessments, audits and reviews are reported to the Audit Committee and the Board, and the Company adjusts its cybersecurity policies, standards, processes and practices as necessary based on the information provided by the assessments, audits and reviews. Governance The Board, in coordination with the Audit Committee, oversees the management of risks from cybersecurity threats, including the policies, standards, processes and practices that the Company s management implements to address risks from cybersecurity threats. The Board and the Audit Committee each receive regular presentations and reports on cybersecurity risks, which address a wide range of topics including, for example, recent developments, evolving standards, vulnerability assessments, third-party and independent reviews, the threat environment, technological trends and information security considerations arising with respect to the Company s peers and third parties. The Board and the Audit Committee also receive prompt and timely information regarding any cybersecurity incident that meets established reporting thresholds, as well as ongoing updates regarding such incident until it has been addressed. At least once each year, the Board and the Audit Committee discuss the Company s approach to cybersecurity risk management with the Company s Chief Information Security Officer. The Company s Chief Information Security Officer reports to the Company s Chief Information Officer who is the member of the Company s management that is principally responsible for overseeing the Company s cybersecurity risk management program, in partnership with other business leaders across the Company. The Chief Information Security Officer works in coordination with Company management. The Company s Chief Information Security Officer has served in various roles in information technology and information security for 25 years, including several Fortune 500 companies as a consultant specializing in risk management and security architecture, VP of Engineering for a payment solutions provider and security principal for an international telecommunications company in the Fortune 100, and has held many of the information security industry s most advanced certifications including ISC2 s CISM (Chief Information Security Manager) and CISSP (Chief Information Security Professional), as well as an early adopter of the Cloud Security Alliance s CCSK (Certificate of Cloud Security Knowledge). The Company s Chief Information Officer has served in various roles in information technology for 21 years. The Company s Chief Information Security Officer, in coordination with Company management, works collaboratively across the Company to implement a program designed to protect the Company s information systems from cybersecurity threats and to promptly respond to any cybersecurity incidents. To facilitate the success of this program, multidisciplinary teams throughout the Company are deployed to address cybersecurity threats and to respond to cybersecurity incidents in accordance with the Company s incident response and recovery plans. The Chief Information Security Officer and Company management monitor the prevention, detection, mitigation and remediation of cybersecurity incidents in real time, and report such incidents to the Audit Committee when appropriate. Cybersecurity threats, including as a result of any previous cybersecurity incidents, have not materially affected or are reasonably likely to affect the Company, including its business strategy, results of operations, or financial condition.

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