Item 1B. Unresolved Staff Comments
Item
1b. unresolved staff comments
Not
applicable.
Item
1C. CYBERSECURITY
Cybersecurity
Risk Management and Strategy. We depend on software applications, information technology systems, computing infrastructure and
cloud service providers to operate our business. Certain of these systems are managed, hosted, provided or used by third parties to assist
in conducting our business and which have their own cybersecurity measures in place. We are currently working to ensure that we satisfy
generally applicable industry standards and best practice methods for the assessment, identification and management of risks from cybersecurity
threats that may jeopardize our line of business or may pose a risk to our information technology systems, including from third parties
with whom we work. To further enhance our understanding of potential threats and prioritize our security efforts, we conducted a comprehensive
cybersecurity threat survey in 2024, which included a review of cybersecurity threats. Based on the findings of this survey, we
are actively implementing recommended security measures to mitigate identified risks, with such implementation being conducted
with the support and expertise of a professional services company serving as our outsourced cybersecurity partner.
Our
cybersecurity team is composed of our Information Security Coordinator, who has several years of experience overseeing cybersecurity
and other IT matters, our IT Coordinator and an outsourced cybersecurity partner, who employs various professionals with expertise in
the field of cybersecurity. Our cybersecurity team oversees our internal information security policies and procedures and is responsible
for the day-to-day implementation and monitoring of our security controls, including those developed as a result of the 2024 threat survey.
In case of a cyber incident, our cybersecurity team will maintain a cyber incident reporting and response process and will provide management
notifications based on the seriousness of any incident. Management will provide periodic reports to our board of directors/audit committee
on cybersecurity risks and steps that the Company has taken to address those risks. Our outsourced cybersecurity partner provides expert
support in areas such as threat intelligence, vulnerability assessments, incident response and ongoing security monitoring. This collaborative
approach allows us to leverage both internal oversight and external expertise to enhance our cybersecurity posture.
41
Our
information security policies and procedures are required to be reviewed on a regular basis
We
have not experienced a cybersecurity incident that resulted in a material adverse impact to our business or operations; however,
there can be no guarantee that we will not experience such an incident in the future. For a description of the risks from cybersecurity
threats that may materially affect our Company, see “Item 1A. – Risk Factors ” included elsewhere this Annual
Report on Form 10-K, including “Our data and information systems and network infrastructure may be subject to hacking or other
cybersecurity threats. If our security measures are breached and an unauthorized party obtains access to our proprietary business information,
our information systems may be perceived as being insecure, which could harm our business and reputation and our proprietary business
information could be misappropriated, which could have an adverse effect on our business and results of operations.”