AGRIFORCE GROWING SYSTEMS LTD. 10-K Cybersecurity GRC - 2024-04-01

Page last updated on July 16, 2024

AGRIFORCE GROWING SYSTEMS LTD. reported their cybersecurity risk management and governance process in a yearly 10-K filed on 2024-04-01 16:31:33 EDT.

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10-K filed on 2024-04-01

AGRIFORCE GROWING SYSTEMS LTD. filed a 10-K at 2024-04-01 16:31:33 EDT
Accession Number: 0001493152-24-012418

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Item 1C. Cybersecurity.

Item 1C Cybersecurity
Item 1C. Cybersecurity. We are committed to protecting the confidentiality, integrity, and availability of its information systems and the data they contain from cybersecurity threats. We acknowledge that cybersecurity is a dynamic and evolving area of risk that requires ongoing assessment, management, and oversight. As we grow in size and revenue, we intend to work with third party companies to assess, identify, manage, and mitigate material cybersecurity threats, as well as to respond to and recover from cybersecurity incidents, all as necessary. We recognize the importance of maintaining our technology and data systems. Our cybersecurity policies, standards, processes, and practices are integrated across our operational departments. Cybersecurity Risk Management and Strategy As one of the elements of our overall risk management program, we focus on the following key areas: Technical Safeguards: We have commenced to implement technical safeguards, including by not limited to firewalls, anti-malware functionality and access controls. Outside Consultants: We have identified and, as appropriate and when we have the budget to do so, will utilize outside consultants, including contractors and other third parties, to among other things, conduct regular testing of our networks and systems to identify vulnerabilities through penetration testing, while also measuring and advising on potential improvements to our incident prevention, response, and documentation procedures. We have not encountered cybersecurity threats or experienced previously cybersecurity incidents that have materially affected or that we believe are reasonably likely to materially affect us, including our business strategy, results of operations or financial condition. Governance Board of Directors Oversight Our Board is aware of the critical nature of managing risks associated with cybersecurity threats. Management works with our Board to establish 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. The Board has delegated to our Audit Committee the primary responsibility for oversight of cybersecurity risks. Management’s Role Managing Risk Our Executive Team plays a primary role in informing the Audit Committee on cybersecurity risks. These individuals monitor activity and potential risks related to the day-to-day operations of the business, including reviewing results of the work of our outside consultants. They will provide briefings to the Audit Committee on a periodic basis regarding cybersecurity matters, including but not limited to the following: ● Current cybersecurity landscape and emerging threats; ● Status of ongoing cybersecurity initiatives and strategies; ● Incident reporting, if any, and learning from any cybersecurity events; ● Risk mitigation efforts and insurance, and ● Compliance with regulatory requirements and industry standard.

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