BASANITE, INC. 10-K Cybersecurity GRC - 2024-05-10

Page last updated on July 16, 2024

BASANITE, INC. reported their cybersecurity risk management and governance process in a yearly 10-K filed on 2024-05-10 16:05:45 EDT.

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10-K filed on 2024-05-10

BASANITE, INC. filed a 10-K at 2024-05-10 16:05:45 EDT
Accession Number: 0001079973-24-000677

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Item 1C. Cybersecurity.

Item 1C. Cybersecurity
Item 1C. Cybersecurity. In the normal course of our operations, we engage third-party service providers to enhance our operational efficiency and customer service capabilities. One such provider is Intuit Inc., which facilitates our credit card processing services. Our engagement with Intuit is governed by a framework of agreements that emphasize data protection and cybersecurity as foundational elements. We rely on Intuit’s robust security measures, which are designed to protect the integrity and confidentiality of credit card transaction data. These measures include data encryption, fraud monitoring, and compliance with the Payment Card Industry Data Security Standard (PCI DSS). While we have confidence in Intuit’s cybersecurity practices, we acknowledge that no system of data security can be guaranteed to be invulnerable. The potential risks associated with our credit card processing operations include, but are not limited to, unauthorized access to or disclosure of customer data, financial loss, and reputational damage. To mitigate these risks, we regularly review our cybersecurity policies and procedures and the cybersecurity practices of our third-party providers, including Intuit. We also maintain cybersecurity insurance to provide an additional layer of financial protection. Investors are advised that, despite our efforts to ensure the security of customer data processed through Intuit, cybersecurity incidents can occur. In the event of a breach or significant cybersecurity incident, our operations, financial condition, and reputation could be adversely affected. We are committed to promptly addressing any such incidents, should they arise, in compliance with applicable laws and regulations.

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