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Risk Management and Strategy
−Removed: The Company has implemented and maintain multiple layers of physical, administrative and technical security processes designed to protect our manufacturing facilities from disruptions that may result from cybersecurity incidents, as well as safeguard the confidentiality of our critical systems, and data residing on those systems, including employee data, customer data, and intellectual property.
+Added: The Company has implemented and maintains multiple layers of physical, administrative and technical security processes designed to protect our manufacturing facilities from disruptions that may result from cybersecurity incidents, as well as to safeguard the confidentiality of our critical systems, and data residing on those systems, including employee data, customer data, and intellectual property.
Our risk assessment and management of material risks from cybersecurity threats is integrated into our overall enterprise risk management process, as well as our information systems processes.
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Depending on the environment, we implement and maintain various technical, physical, and organizational measures, processes, standards and policies designed to manage and mitigate material risks from cybersecurity threats to our information systems and data, including an incident response policy, plan, procedures and scenario-based playbooks, an incident detection and response program, a vulnerability management program, disaster recovery and business continuity plans, risk assessment processes, security standards, network security controls, access controls, systems monitoring, employee awareness training, and cybersecurity insurance.
−Removed: The Company has obtained Trusted Information Security Assessment Exchange (TISAX) certification labels within the United States and Germany.
+Added: The Company has obtained Trusted Information Security Assessment Exchange (TISAX) certification labels within the United States, Germany, and China.
+Added: The Company is also continues working on its ISO 27001 certification.
Our internal information security team oversees and works collaboratively with various information security service providers.
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For a description of risks related to our information technology systems, including cybersecurity threats, see Item 1A, "Risk Factors."
−Removed: Our Board addresses our cybersecurity risk management as part of its general oversight function.
+Added: Our Board addresses cybersecurity risk management as part of its general oversight function.
The Audit Committee of the Board (the "Audit Committee") is responsible for overseeing our cybersecurity risk management processes, including our assessment and mitigation of material risks from cybersecurity threats.
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In addition, on at least an annual basis, the Board receives reports, summaries or presentations related to cybersecurity threats, risk, mitigation and related processes.
−Removed: Our cybersecurity risk assessment and management processes are implemented and maintained by our VP of Information Technology and Information Security Officer ("VP of IT"), who is supported by other members of management, as necessary.
+Added: Our cybersecurity risk assessment and management processes are implemented and maintained by our Vice President of Information Technology and Information Security Officer ("VP of IT") , who is supported by other members of management, as necessary.
Our VP of IT is responsible for approving budgets, cybersecurity incident preparedness, approving cybersecurity processes, reviewing security assessments and other security-related reports, and providing the Chief Financial Officer ("CFO") with regular updates on cybersecurity-related matters.
−Removed: The Company also has an IT Executive Steering Committee comprised of the VP of IT, CFO, General Counsel, CTO and VP of Operations.
+Added: The Company also has an IT Executive Steering Committee comprised of the VP of IT, CFO, General Counsel, Chief Operating Officer and Chief Technology Officer and Vice President of Operations.
The VP of IT provides regular cybersecurity updates to the Audit Committee.
−Removed: The Company's VP of IT has served in this role for two years and has more than 24 years of relevant experience.
−Removed: In addition, we have
−Removed: an information security team comprised of dozens of employees dedicated to cybersecurity with extensive experience and relevant certifications.
+Added: The Company's VP of IT has served in this role for three years and has more than 25 years of relevant experience.
+Added: In addition, we have an information security team comprised of
+Added: dozens of employees dedicated to cybersecurity with extensive experience and relevant certifications.
The VP of IT is responsible for hiring appropriate personnel, assisting with the integration of cybersecurity risk considerations into our overall risk management strategy, communicating key priorities to relevant personnel, and mitigating and remediating in the event of a cybersecurity incident.
−Removed: Our cybersecurity incident response and vulnerability management programs are designed to escalate certain cybersecurity incidents to various levels of management depending on the circumstances, including our VP of Information Technology and Information Security Officer, General Counsel, CFO and/or Chief Executive Officer.
+Added: Our cybersecurity incident response and vulnerability management programs are designed to escalate certain cybersecurity incidents to various levels of management depending on the circumstances, including our VP of IT, General Counsel, CFO and/or Chief Executive Officer.
Management works with our incident response team to help mitigate and remediate certain escalated cybersecurity incidents.
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Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.