Ocean Power Technologies, Inc. 10-K Cybersecurity GRC - 2024-07-25

Page last updated on July 25, 2024

Ocean Power Technologies, Inc. reported their cybersecurity risk management and governance process in a yearly 10-K filed on 2024-07-25 16:15:55 EDT.

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10-K filed on 2024-07-25

Ocean Power Technologies, Inc. filed a 10-K at 2024-07-25 16:15:55 EDT
Accession Number: 0001493152-24-029074

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Item 1C. Cybersecurity.

ITEM 1C. CYBERSECURITY We depend on information technology and systems for various operations and for capturing accounting, technical and regulatory data for reporting, analysis, and archiving. Our primary business systems mostly consist of purchased and licensed software programs that integrate with our internal solutions. As of the filing date of this report, our risk assessment process related to cybersecurity includes conducting vulnerability assessments using a combination of internal and third-party capabilities to perform technical assessments, vulnerability scanning, and incident and event monitoring. With the oversight of our Board of Directors, our management team is responsible for implementing a thorough, risk-based cybersecurity program aimed at safeguarding our data, along with the data of our customers and partners, and based on well-organized cybersecurity frameworks under a central control figure. Risks from cybersecurity threats did not materially impact our business strategy, operations, or financial condition for the twelve months ended April 30, 2024 and 2023 and are not reasonably likely to do so in the future, but no assurances can be made along those lines. Additional information about cybersecurity risks we face is discussed in Item 1A of Part I, “Risk Factors,” under the headings “Failure of our information systems or those of third parties or breaches of data security could cause significant harm to our business” and “Cybersecurity breaches of our systems and information technology could adversely impact our ability to operate or meet contractual obligations,” which should be read in conjunction with the information above.

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