Adverum Biotechnologies, Inc. 10-K Cybersecurity GRC - 2024-03-18

Page last updated on April 11, 2024

Adverum Biotechnologies, Inc. reported their cybersecurity risk management and governance process in a yearly 10-K filed on 2024-03-18 16:10:09 EDT.

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10-K filed on 2024-03-18

Adverum Biotechnologies, Inc. filed an 10-K at 2024-03-18 16:10:09 EDT
Accession Number: 0001628280-24-011648

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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 clinical trial data ( Information Systems and Data ). Our information security function, which includes our Executive Director of Information Technology ( IT ) and third-party service providers, helps identify, assess, and manage the Company s cybersecurity threats and risks. Our information security function identifies and assesses risks from cybersecurity threats by monitoring and evaluating our threat environment using various methods including, for example conducting audits, evaluating threats, and performing vulnerability assessments. Depending on the environment, systems, and data at issue, we implement and maintain various technical, physical, and organizational measures, processes, and policies designed to manage and mitigate material risks from cybersecurity threats to our Information Systems and Data, including, for example: incident detection and response, access controls, employee training, penetration testing, and systems monitoring. Our assessment and management of material risks from cybersecurity threats are integrated into the Company s overall risk management processes. For example, our Executive 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 third-party service providers to assist us from time to time to identify, assess, and manage material risks from cybersecurity threats, including for example managed cybersecurity service providers, penetration testing firms, and cybersecurity consultants. We use third-party service providers to perform a variety of functions throughout our business, such as contract research organizations, contract manufacturing organizations, and supply chain resources. We have a vendor management process to manage cybersecurity risks associated with our use of these providers. The process includes risk assessments for certain vendors and reviewing security assessments and 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, our vendor management process may involve different levels of assessment designed to help identify cybersecurity risks associated with a 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 the risk factor entitled: If our information technology systems or those third parties upon which we rely, or our data, 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 material disruption of our product development programs and other adverse consequences. 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 of mitigation of risks from cybersecurity threats. Our cybersecurity risk assessment and management processes are implemented and maintained by certain Company management, including our Executive Director of IT, who holds a Bachelor of Science in Computer Methods from California State University-Long Beach and has previously served as the Associate Director of IT for a large pharmaceutical company. Our management, including our Chief Operating Officer and Executive Director of IT, is responsible for hiring appropriate information security personnel, helping to integrate cybersecurity risk considerations into the Company s overall risk management strategy, and helping prepare for cybersecurity incidents. Our cybersecurity incident response processes are designed to escalate certain cybersecurity incidents to members of management depending on the circumstances, including our Executive Director of IT and General Counsel, who works with the Company s incident response team to help the Company mitigate and remediate cybersecurity incidents of which they are notified. In addition, the Company s incident response process includes reporting to the Audit Committee of the Board of Directors for certain cybersecurity incidents. 82 Table of Contents The Board of Directors receives periodic reports from the management concerning the Company s significant cybersecurity threats and risk and the processes the Company has implemented to address them. The Board of Directors also has access to various reports, summaries or presentations related to cybersecurity threats, risk, and mitigation.

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