Item 1B. Unresolved Staff Comments
Item 1B. Unresolved Staff Comments
None
Item 1C. Cybersecurity
Cybersecurity Risk Management and Strategy
We recognize the importance of assessing, identifying, and managing material risks associated with cybersecurity threats , as such term is defined in Item 106(a) of Regulation S-K. Cybersecurity risks are managed across the Company and its subsidiaries and are integrated into our overall risk management framework.
Our cybersecurity risk management program is informed by applicable laws and regulations and draws guidance from industry standards and best practices, including frameworks published by the National Institute of Standards and Technology. While we reference these frameworks to inform our approach, this does not imply that we meet any particular technical standard, specification, or certification.
Our approach to cybersecurity risk management may include:
Identification and Assessment. Identification and assessment of cybersecurity risks that could impact our operations, facilities, third-party vendors, critical systems, and information.
Risk Mitigation and Control. Implementing administrative, physical, and technical policies and controls designed to protect data and systems, including incident response procedures.
Use of Outside Experts . Leveraging external service providers, including assessors, consultants, auditors, and other third parties, to assess, test, monitor, and respond to cybersecurity threats in an attempt to maintain robust security controls.
Oversight of Third-Parties . Establishing processes to oversee and identify cybersecurity risks associated with third-party service providers, and evaluating third-party vendors for compliance with our standards.
Incident Response. Maintaining a cybersecurity incident response plan that outlines procedures for responding to and managing cybersecurity incidents.
Continuous Improvement. Regularly updating and improving our cybersecurity practices and policies based on changing business practices, emerging threats, new technologies, and evolving industry standards.
We continue to monitor and seek to manage these risks proactively to protect the ongoing security and resilience of our organization. A cybersecurity incident could result in (i) an interruption in our services, (ii) the loss of ability to control or operate our equipment, (iii) misappropriation of personal data and (iv) the loss of critical data that could interrupt our operations, any of which could, among other things, adversely impact our reputation and brand and expose us to increased risks of violation of applicable law, governmental and regulatory investigation and enforcement actions, or private litigation or other liability, including potentially significant financial losses.
Cybersecurity Governance
Our Board has oversight responsibility for the management of risks facing the Company, including cybersecurity risks. The Board has delegated oversight of cybersecurity and information technology risks to the audit committee of the Board (the "Audit Committee"). Management provides period reports regarding cybersecurity risk to the Audit Committee, and also provides updates to the Board or Audit Committee, as appropriate, regarding any cybersecurity incidents that are considered significant or potentially material. We consult with external advisors, including legal counsel, where appropriate.
HIVE assigns day-to-day responsibility for cybersecurity risk assessment and management to our Chief Information Officer ("CIO") and Chief Technology Officer ("CTO") and relevant business unit leaders. Collectively, our CIO and CTO manage overall cybersecurity strategy, risk governance, and reporting, including implementing controls, conducting risk assessments, monitoring threats, and coordinating to incidents. Business unit leaders support risk identification and ensure that security practices are embedded within their operations. Our internal team consists of individuals extensive experience and holding various industry-standard cybersecurity certifications, has the ability to capably handle a wide range of complex cybersecurity demands, including assessments, operations, and remediation across the spectrum of cybersecurity challenge.
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HIVE, and its subsidiaries Buzz HPC and Bikupa Datacenter AB also hold a cyber insurance policy with a $5 million primary Tech E&O/Cyber policy with a single shared aggregate across all coverages, plus a $5 million follow-form excess layer above it, for $10 million total coverage.