Polar Power, Inc. 10-K Cybersecurity GRC - 2024-04-01

Page last updated on July 16, 2024

Polar Power, Inc. reported their cybersecurity risk management and governance process in a yearly 10-K filed on 2024-04-01 16:05:55 EDT.

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10-K filed on 2024-04-01

Polar Power, Inc. filed a 10-K at 2024-04-01 16:05:55 EDT
Accession Number: 0001493152-24-012355

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Item 1C. Cybersecurity.

Item 1C. Cybersecurity. It is crucial for our business to have precise equipment and open lines of communication. A data breach can disrupt both of these factors, which can result in significant disruptions across of our operations. While we have not had a material cybersecurity incident impact our operations, we face various cyber and other security threats, including attempts to gain unauthorized access to sensitive information and networks; employee threats; virtual and cyber threats to our directors, officers, and employees; threats to the security of our facilities and infrastructure; and threats from terrorist acts or other acts of aggression. Our customers and vendors face similar threats. We utilize internal and external independent controls to monitor and mitigate the risk of these threats, including an outside independent Cybersecurity and Information Technology consultant. We also have a training system in place for our employees. The impact of potential cybersecurity threats is difficult to predict, but one or more of them could result in the loss of information or capabilities, harm to individuals or property, damage to our reputation, loss of business, regulatory actions, and potential liability, any of which could have a material adverse effect on our financial position, results of operations and/or cash flows. These threats could lead to losses of sensitive information or capabilities, harm to personnel, infrastructure, or products, and/or damage to our reputation as well as our vendor’s ability to perform on our contracts. Effective incident response involves every part of our organization, including IT teams, legal, technical support, human resources, corporate communications, and business operations. Our Board of Directors and executive management oversee all business, property and affairs of the Company, including cybersecurity risks. Our management keep the members of the Board informed of our business through discussions at Board meetings.

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