META MATERIALS INC. 10-K Cybersecurity GRC - 2024-03-28

Page last updated on April 11, 2024

META MATERIALS INC. reported their cybersecurity risk management and governance process in a yearly 10-K filed on 2024-03-28 16:02:01 EDT.

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10-K filed on 2024-03-28

META MATERIALS INC. filed an 10-K at 2024-03-28 16:02:01 EDT
Accession Number: 0000950170-24-038010

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Item 1C. Cybersecurity.

Item 1C. Cy bersec u rity. Risk Management and Strategy Our information security program is still in its early developmental stages and an ongoing process. As a smaller organization, we are actively refining our information security program to more effectively address cybersecurity risks and threats. Our primary objective is 35 to improve our ability to effectively identify, protect against, detect, and respond to potential cyber threats across all aspects of our operations. To strengthen the defenses of our information systems, we have already implemented foundational controls that secure our customers and employees data and data relating to our intellectual property, We are also currently developing and deploying other various security tools and measures. These include internal reporting mechanisms and frameworks, monitoring systems, and certain third-party programs and solutions, including penetration testing with third-party security firms. Furthermore, we are in the initial stages of developing our policies and processes for managing third-party risks. While we expect our partners to maintain appropriate security measures, we are actively working with our partners to improve alignment of their security protocols with our expectations and policies. We plan to introduce a risk assessment process to continuously monitor and remain vigilant against potential vulnerabilities. In preparation, we have completed the first draft of our IT risk management framework. This sets the stage for adopting a widely accepted risk quantification model, which will be done in alignment with our business readiness. The model will help us to prioritize cybersecurity risks and guide the development of our security controls. As of the date of this Annual Report, we are not aware of any risks from cybersecurity threats, including as a result of any previous cybersecurity incidents, that have materially affected or are reasonably likely to materially affect the Company, including its business strategy, results of operations, or financial condition. Governance Overseeing our cybersecurity efforts and guiding our security initiatives is our Chief Information Officer, who brings over 25 years of experience in leadership roles managing cybersecurity and large-scale IT environments across both private and public sectors. Additionally, our team members involved in the security program are acquiring the necessary skills and knowledge to address emerging cybersecurity challenges.

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