ESS Tech, Inc. 10-K Cybersecurity GRC - 2024-03-13

Page last updated on April 11, 2024

ESS Tech, Inc. reported their cybersecurity risk management and governance process in a yearly 10-K filed on 2024-03-13 17:42:06 EDT.

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10-K filed on 2024-03-13

ESS Tech, Inc. filed an 10-K at 2024-03-13 17:42:06 EDT
Accession Number: 0001628280-24-011004

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Item 1C. Cybersecurity.

ITEM 1C. CYBERSECURITY Risk Management and Strategy We have established policies and processes for assessing, identifying, and managing material risk from cybersecurity threats, and have integrated these processes into our overall risk management systems and processes. We routinely assess material risks from cybersecurity threats, including any potential unauthorized occurrence on or conducted through our information systems that may result in adverse effects on the confidentiality, integrity, or availability of our information systems or any information residing therein. We conduct regular technical risk assessments to identify cybersecurity threats, as well as assessments in the event of a material change in our business practices that may affect information systems that are vulnerable to such cybersecurity threats. We also conduct periodic programmatic risk assessments including identification of reasonably foreseeable internal - 41 - Table of Contents and external risks, the likelihood and potential damage that could result from such risks, and the sufficiency of existing policies, procedures, systems, and safeguards in place to manage such risks. Following these risk assessments, we evaluate whether and how to re-design, implement, and maintain reasonable safeguards to minimize identified risks evaluate how to reasonably address any identified gaps in existing safeguards and regularly monitor the effectiveness of our safeguards. We devote significant resources and designate high-level personnel, including our Vice President of Information and Business Systems who reports to our Chief Executive Officer, to manage the risk assessment and mitigation process. As part of our overall risk management system, we monitor and test our safeguards and train our employees on these safeguards, in collaboration with human resources, IT, and management. Personnel at all levels and departments are made aware of our cybersecurity policies through trainings and annual policy acknowledgments. We engage external cyber vendor consultants, auditors, and other third parties in connection with our risk assessment processes. These service providers assist us to assess, design and implement our cybersecurity policies and procedures, as well as to monitor and test our safeguards. We review the ability of third-party service providers to implement and maintain appropriate security measures, consistent with all applicable laws, to implement and maintain reasonable security measures in connection with their work with us, and to promptly report any suspected breach of its security measures that may affect our Company. For additional information regarding whether any risks from cybersecurity threats, including as a result of any previous cybersecurity incidents, have materially affected or are reasonably likely to materially affect our Company, including our business strategy, results of operations, or financial condition, please refer to Item 1A, Risk Factors, in this Annual Report on Form 10-K, including the risk factors entitled Third parties might attempt to gain unauthorized access to our network or seek to compromise our products and services . Governance One of the key functions of our board of directors is informed oversight of our risk management process, including risks from cybersecurity threats. Our board of directors is responsible for monitoring and assessing strategic risk exposure, and our executive officers are responsible for the day-to-day management of the material risks we face. Our board of directors administers its cybersecurity risk function in coordination with the oversight and periodic review of the audit committee. Our Vice President of Information and Business Systems and members of our management team in accordance with our cybersecurity incident response plan, which includes the following members from the following function legal, IT, finance, audit, operations, engineering, human resources, communications, and additional executives as applicable under the plan and external cybersecurity support providers (collectively, IRP stakeholders ), are primarily responsible to assess and manage our material risks from cybersecurity threats. Our Vice President of Information and Business Systems and our IRP stakeholders oversee our cybersecurity policies and processes, including those described in Risk Management and Strategy above. Our Vice President of Information and Business Systems has an advanced degree in management information systems and has managed the Company s IT processes and policies inclusive of cybersecurity matters throughout his tenure at the Company, in addition to many years of prior experience in various technology roles at a large U.S. public company. He is informed about and monitors the prevention, detection, mitigation, and remediation of cybersecurity incidents by working with the IT department and external vendors to implement our security risk management, including through the use of both automated and manual tools and reporting, in accordance with the Company s incident response plan and Company cybersecurity policies. Our Vice President of Information and Business Systems provides quarterly briefings to the audit committee and board of directors regarding our Company s cybersecurity risks and activities, including any recent cybersecurity incidents and related responses, cybersecurity systems testing, activities of third parties, and the like.

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