Ocean Thermal Energy Corp 10-K Cybersecurity GRC - 2024-03-28

Page last updated on July 16, 2024

Ocean Thermal Energy Corp reported their cybersecurity risk management and governance process in a yearly 10-K filed on 2024-03-28 17:08:48 EDT.

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10-K filed on 2024-03-28

Ocean Thermal Energy Corp filed a 10-K at 2024-03-28 17:08:48 EDT
Accession Number: 0001654954-24-003883

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Item 1C. Cybersecurity.

ITEM 1C. CYBERSECURITY Risk Management and Strategy We store and transmit data, including sensitive and nonpublic data regarding our company, employees, and counterparties. Given our limited size, resources and operations, we believe we have appropriate processes in place, as well as appropriate physical and administrative controls, to allow oversight and identification of cybersecurity threats to our operations. The Company depends on the proper functioning, availability, and security of its information systems, including financial, data processing, communications, and operating systems. Several information systems are software applications provided by third parties. We monitor risks through routine security assessments and implementation of enhancements to security measures used to protect our systems and data. Like many companies, we might be subjected to attempts by unauthorized actors to disrupt our operations, access our data, or otherwise cause damage to our technology infrastructure, including through the use of phishing, malware, and other attack vectors. In addition, we are subject to cybersecurity risk in connection with vendors we use. For example, a weakness in vendor systems or software products that we use in the operation of our business may provide a mechanism for a cyber threat actor to access our systems or information through trusted paths. Recent global supply chain security incidents such as compromises of reputable software update services are illustrative of this type of occurrence. To date, we have not been materially affected by cybersecurity incidents and believe our risk to such a threat is low. Governance Our board of directors is responsible for the oversight of risks related to cybersecurity threats. Management communicates with the board of directors on a regular basis regarding cybersecurity efforts through risk reporting and the development and testing of procedures and exercises for responding to both internal and external cyber threats. We believe our board of directors is capable of addressing the full spectrum of potential risks to us, estimating the likelihood of such an occurrence, and predicting the potential financial impact of each risk, for the purpose of prioritizing risks, including the risk of a cybersecurity threat. Given our limited resources, we believe we have appropriate processes in place, as well as appropriate physical and administrative controls, to allow oversight and identification of cybersecurity threats to our operations.

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