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We also maintain an incident response plan to coordinate the activities we take to protect against, detect, respond to and remediate cybersecurity incidents, as such term is defined in Item 106(a) of Regulation S-K, as well as to comply with potentially applicable legal obligations and mitigate brand and reputational damage.
+Added: As of the reporting date, the Company updated and published other cybersecurity policies and procedures for access control, including remote access;
+Added: business continuity;
+Added: information security related to governance, managing and planning;
+Added: risk management;
+Added: and vendor risk and management, which leverages and coordinates with procedures in place for the accounting payable process.
We have established physical, electronic, and organizational measures to safeguard and secure our systems to prevent a data compromise.
+Added: These approaches vary in maturity across our business and we work to continually improve them.
Our approach includes, among other things:
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• holding an insurance policy to mitigate risks for cybersecurity incidents.
−Removed: These approaches vary in maturity across our business and we work to continually improve them.
−Removed: As part of the above approach and processes, we periodically engage with assessors, consultants, auditors, and other third-parties, including by annually having a third-party review our cybersecurity program to help identify areas for continued focus, improvement and/or compliance.
Our process for identifying and assessing material risks from cybersecurity threats operates alongside our broader overall risk assessment process, covering all Company risks.
−Removed: As part of this process, appropriate HCW personnel collaborate with subject matter specialists, as necessary, to gather insights for identifying and assessing material cybersecurity threat risks, their severity, and potential mitigation.
−Removed: As of December 31, 2023, we have experienced a few outages which we do not believe impacted the integrity of our data.
−Removed: While we continue to make investments to improve the protection of data and information technology, there can be no assurance that our efforts will prevent service interruptions or security breaches.
+Added: As part of this process, appropriate HCWB personnel collaborate with subject matter specialists, as necessary, to gather insights for identifying and assessing material cybersecurity threat risks, their severity, and potential mitigation.
+Added: A key element of managing cybersecurity risk is the ongoing assessment and testing of our processes and practices through auditing, assessments, drills and other exercises focused on evaluating the sufficiency and effectiveness of our risk mitigation.
+Added: We engage third parties to perform assessments of our cybersecurity measures , including information security maturity assessments and independent reviews of our information security control environment and operating effectiveness.
+Added: Certain results of such assessments and reviews are reported by the key members of management, the and the board of directors, as appropriate.
+Added: Our policy is to conduct an annual cybersecurity assessment and make adjustments to our cybersecurity processes and practices as necessary based on the information provided by the third-party assessments and reviews.
+Added: For the year ended December 31, 2024, the findings of our annual cybersecurity assessment indicated that HCW Biologics has implemented several key security measures, including documented policies, data encryption, unique user identifiers, DNS filtering, and anti-malware tools.
+Added: We are in the proactive range for compliance with SEC cybersecurity guidelines, that is, we can address common attacks and current threats.
+Added: For the year ending December 31, 2025, the Company has launched projects to improve our controls, particularly for logging and monitoring and vulnerability assessments.
+Added: We currently leverage an AI-driven endpoint threat detection and prevention system.
+Added: To strengthen our cybersecurity posture, we intend to implement a Security Information and Event Management (SIEM) solution that will aggregate and analyze logs from all critical infrastructure, including network, cloud, and endpoint security platforms.
+Added: We also intend to expand our vulnerability management process to ensure regular assessments of public-facing systems and network devices.
+Added: We are currently conducting a data migration project is expected to enhance the Company’s security posture and resilience against potential threats, in compliance with SEC guidelines.
+Added: For the year ended December 31, 2024, we are not aware of any cybersecurity incidents that have materially affected or are reasonably likely to materially affect the Company, including our business strategy, results of operations, or financial condition.
We describe whether and how risks from identified cybersecurity threats, including as a result of any previous cybersecurity incidents, have materially affected or are reasonably likely to materially affect us, including our business strategy, results of operations, or financial condition, under the heading “Risks Related to Data Privacy and Cybersecurity” included as part of our risk factor disclosures at Item 1A of this Annual Report, which disclosures are incorporated by reference herein.
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Our Audit Committee of our Board of Directors is responsible for the oversight of risks from cybersecurity threats.
−Removed: At least annually, the Audit Committee receives an overview from management of our cybersecurity threat risk management and strategy processes covering topics such as data security posture, results from third-party assessments, progress towards pre-determined risk-mitigation-related goals, our incident response plan, and material cybersecurity threat risks or incidents and developments, as well as the steps management has taken to respond to such risks.
+Added: At least annually, th e Audit Committee receives an overview from management of our cybersecurity threat risk management and strategy processes covering topics such as data security posture, results from third-party assessments, progress towards pre-determined risk-mitigation-related goals, our incident response plan, and material cybersecurity threat risks or incidents and developments, as well as
+Added: the steps management has taken to respond to such risks.
In such sessions, the Audit Committee generally receives materials including a cybersecurity scorecard and other materials indicating current and emerging cybersecurity threat risks, and describing our ability to mitigate those risks, and discusses such matters with our Operations Administrator, who is supported by Compass MSP, a leading provider of technology managed services.
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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.