Item 1B. Unresolved Staff Comments
ITEM
1B. UNRESOLVED STAFF COMMENTS
Not
applicable.
ITEM
1C. CYBERSECURITY
Risk
management and strategy
We
recognize the critical importance of developing, implementing, and maintaining robust cybersecurity measures to safeguard our information
systems and protect the confidentiality, integrity, and availability of our data.
Managing
Material Risks & Integrated Overall Risk Management
We
have strategically integrated cybersecurity risk management into our broader risk management framework to promote a company-wide culture
of cybersecurity risk management. This integration ensures that cybersecurity considerations are an integral part of our decision-making
processes at every level. Our management team continuously evaluates and addresses cybersecurity risks in alignment with our business
objectives and operational needs.
Oversee
Third-Party Risk
Because
we are aware of the risks associated with third-party service providers, we have implemented stringent processes to oversee and manage
these risks. We conduct thorough security assessments of all third-party providers before engagement and maintain ongoing monitoring
to ensure compliance with our cybersecurity standards. The monitoring includes annual assessments of the system and organization controls
(SOC) reports of our providers and implementing complementary controls. This approach is designed to mitigate risks related to data breaches
or other security incidents originating from third parties.
Risks
from Cybersecurity Threats
We
have not encountered cybersecurity challenges that have materially impaired our operations or financial standing during the financial
year ended December 31, 2024. We will continue to monitor and assess our cybersecurity risk management program as well as invest in and
seek to improve such systems and processes as appropriate. If we were to experience a material cybersecurity incident in the future,
such an incident may have a material effect, including on our operations, business strategy, operating results, or financial condition.
For more information regarding cybersecurity risks that we face and potential impacts on our business related thereto, see the section
titled “ Risk Factors ” in Part I, Item 1A of this Annual Report on Form 10-K.
Governance
Our
board of directors is responsible for monitoring and assessing strategic risk exposure. Our board of directors administers its cybersecurity
risk oversight function directly as a whole, as well as through the Audit Committee. Our executive management team informs our Audit
Committee on cybersecurity risks on a regular basis, at least once per year.
The
Audit Committee is primarily responsible for assisting our board of directors in fulfilling its ultimate oversight responsibilities relating
to risk assessment and management, including relating to cybersecurity and other information technology risks. The Audit Committee oversees
management’s implementation of our cybersecurity risk management program, including processes and policies for determining risk
tolerance, and reviews management’s strategies for adequately mitigating and managing identified risks, including risks relating
to cybersecurity threats.
Our
cybersecurity coordinator is responsible for assessing and managing our material risks from cybersecurity threats, in close collaboration
with our IT team and reports to our CEO. This ensures that the senior management are kept abreast of the cybersecurity posture and potential
risks faced by our group.
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