NVE CORP /NEW/ 10-K Cybersecurity GRC - 2024-05-01

Page last updated on May 1, 2024

NVE CORP /NEW/ reported their cybersecurity risk management and governance process in a yearly 10-K filed on 2024-05-01 16:12:03 EDT.

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10-K filed on 2024-05-01

NVE CORP /NEW/ filed an 10-K at 2024-05-01 16:12:03 EDT
Accession Number: 0001376474-24-000214

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Item 1C. Cybersecurity.

Item 1C. Cybersecurity .
ITEM 1C. CYBERSECURITY. We recognize the increasing importance of cybersecurity and its potential impact on our business operations, financial condition, and reputation. We are committed to protecting our information assets and have implemented a comprehensive cybersecurity risk management program to identify, assess, and mitigate cybersecurity risks. We have not experienced any material cybersecurity incidents in the last three years. Board of Directors Oversight of Cybersecurity Our Board of Directors Audit Committee has ultimate oversight of cybersecurity risks. The Committee is composed of independent directors with cybersecurity expertise. Management briefs the Committee on cybersecurity and information security at least annually. Cybersecurity Risk Management We operate under written cybersecurity policies and procedures, and we use a risk-based approach to information security and periodically assess our cybersecurity risks. Our risk management strategy is based on the following principles: Our business does not require us to collect personal customer information. We minimize other cybersecurity risks by using specialist service providers for sensitive operations such as payroll processing, credit card transactions, email, and remote data backup. We verify our information service providers cybersecurity policies. Identify and assess cybersecurity risks through a variety of methods, including audits to information security standards, threat testing, and vulnerability scanning. Prioritize risks based on their potential severity, likelihood, and detectability. Controls to mitigate risks, including access controls, data protection, data backups, redundant systems, and incident response plans. We keep our controls up-to-date. Actions to correct deficiencies and reduce or eliminate vulnerabilities. Written cybersecurity contingency plans. Training and testing for all employees on cybersecurity risks, mitigation, and best practices. New employees are required to complete cybersecurity training and testing, and all employees must complete annual training and testing . Cybersecurity Governance Our cybersecurity governance is designed to ensure that risks are managed consistently and effectively. Key elements are: Written policies and procedures that govern the use of information technology and the handling of sensitive information. Written incident response plans. Regular cybersecurity reporting to the Audit Committee.

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