GRAPHJET TECHNOLOGY 10-K Cybersecurity GRC - 2024-04-22

Page last updated on April 22, 2024

GRAPHJET TECHNOLOGY reported their cybersecurity risk management and governance process in a yearly 10-K filed on 2024-04-22 16:51:00 EDT.

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10-K filed on 2024-04-22

GRAPHJET TECHNOLOGY filed an 10-K at 2024-04-22 16:51:00 EDT
Accession Number: 0001493152-24-015564

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Item 1C. Cybersecurity.

Item 1C. Cybersecurity Risk management and strategy Graphjet Technology recognizes the critical importance of developing, implementing, and maintaining robust cybersecurity measures to safeguard our information systems and protect the confidentiality, integrity, and availability of our data. Managing Material Risks & Integrated Overall Risk Management In view In view of Graphjet Technology has just completed the merging corporate exercise, our risk management team is evaluating and addressing cybersecurity risks in alignment with our business objectives and operational needs. Engage Third-parties on Risk Management Recognizing the complexity and evolving nature of cybersecurity threats, Graphjet Technology has started in negotiating and engaging with a range of external experts, including cybersecurity assessors, consultants, and auditors in evaluating and testing our risk management systems. These partnerships will enable us to leverage specialized knowledge and insights, ensuring our cybersecurity strategies and processes remain at the forefront of industry best practices. Oversee Third-party Risk Because we are aware of the risks associated with third-party service providers, Graphjet Technology will implement stringent processes to oversee and manage these risks. We will conduct thorough security assessments of all third-party providers before engagement and maintain ongoing monitoring to ensure compliance with our cybersecurity standards Risks from Cybersecurity Threats We have not encountered cybersecurity challenges that have materially impaired our operations or financial standing. 35 Governance The Board of Directors is acutely aware of the critical nature of managing risks associated with cybersecurity threats. The Board has formed a risk management team leads by Mr. Lim Seh Jiang, Chief Operating Officer of Graphjet Technology to establish robust oversight mechanisms to ensure effective governance in managing risks associated with cybersecurity threats because we recognize the significance of these threats to our operational integrity and stakeholder confidence, Board of Directors Oversight The Audit Committee is central to the Board s oversight of cybersecurity risks and bears the primary responsibility for this domain. The Audit Committee is composed of board members with diverse expertise including, risk management, technology, and finance, equipping them to oversee cybersecurity risks effectively. Management s Role Managing Risk The Chief Executive Officer ( CEO ) plays a pivotal role in informing the Audit Committee on cybersecurity risks. He will provide latest developments in cybersecurity to the Audit Committee on a regular basis, with a minimum frequency of once per year. Risk Management Personnel Mr. Lim Seh Jiang actively involves in assessing, monitoring and managing our cybersecurity risks. He has 5 years of experience in the field of cybersecurity, his in-depth knowledge and experience are instrumental in developing and executing our cybersecurity strategies. Monitor Cybersecurity Incidents We are in the midst of recruiting the Chief Information Security Officer ( CISO ). Meanwhile Mr. Lim Seh Jiang is personally to implement and oversee processes for the regular monitoring of our information systems. This includes preparing a well-defined incident response plan. In the event of a cybersecurity incident, we can take immediate actions to mitigate the impact and long-term strategies for remediation and prevention of future incidents. Reporting to Board of Directors Mr. Lim Seh Jiang will provide regular update to Mr. Aiden Lee, Chief Executive Officer (CEO) of all aspects related to cybersecurity risks and incidents. This ensures that the highest levels of management are kept abreast of the cybersecurity posture and potential risks facing by Graphjet Technology. Furthermore, significant cybersecurity matters, and strategic risk management decisions are escalated to the Board of Directors, ensuring that they have comprehensive oversight and can provide guidance on critical cybersecurity issues.

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