Vizio Holding Corp. - (VZIO)
10-K Filing Date: February 28, 2024
Item 1C. Cybersecurity
Our Board of Directors recognizes the critical importance of maintaining the trust and confidence of our customers, clients, business partners and employees. The Board of Directors has delegated to the Audit Committee to be actively involved in oversight of our risk management program, and cybersecurity represents an important component of our overall approach to enterprise risk management (“ERM”). Our cybersecurity policies, standards, processes and practices are in the process of being fully integrated into our ERM program and are based on recognized frameworks and applicable industry standards that are designed to protect our information systems from cybersecurity threats, including firewalls, intrusion prevention and detection systems, anti-malware functionality and access controls, which are evaluated and improved through vulnerability assessments and cybersecurity threat intelligence. We maintain a risk-based approach to identifying and overseeing cybersecurity risks presented by third parties, including vendors, service providers and other external users of our systems, as well as the systems of third parties that could adversely impact our business in the event of a cybersecurity incident affecting those third-party systems. In general, we seek to address cybersecurity risks through a cross-functional approach that is focused on preserving the confidentiality, security and availability of the information systems that we use and the information that we collect and store by identifying, preventing and mitigating cybersecurity threats and effectively responding to cybersecurity incidents when they occur.
We engage in the periodic assessment and testing of our policies, standards, processes and practices that are designed to address cybersecurity threats and incidents. These efforts include a wide range of activities, including audits, assessments, tabletop exercises, threat modeling, vulnerability testing and other exercises focused on evaluating the effectiveness of our cybersecurity measures and planning. We engage third parties to perform assessments on our cybersecurity measures, including information security maturity assessments, audits and independent reviews of our information security control environment and operating effectiveness. The results of such assessments, audits and reviews are reported to the Risk Management Steering Committee and the Audit Committee, and we evaluate potential adjustments to our cybersecurity policies, standards, processes and practices as reasonably necessary based on the information provided by these assessments, audits and reviews. We also provide regular, mandatory training for personnel regarding cybersecurity threats as a means to equip our personnel with effective tools to address cybersecurity threats, and to communicate our evolving information security policies, standards, processes and practices.
The Risk Management Steering Committee includes our Chief Financial Officer (“CFO”), General Counsel (“GC”), Senior Vice President, Operations and Technical Support (“SVP-Ops”), Senior Vice President, Engineering (“SVP-Engineering”) and Group Vice President, Information Technology (“GVP-IT”) and other business unit representatives and subject matter experts, who regularly interact with our ERM function. The Risk Management Steering Committee works collaboratively across the
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company to implement a program designed to protect our information systems from cybersecurity threats and to promptly respond to any cybersecurity incidents in accordance with our incident response plans. To facilitate the success of our cybersecurity risk management program, multidisciplinary teams throughout the company are deployed to address cybersecurity threats and to respond to cybersecurity incidents.
The Audit Committee, in coordination with the Risk Management Steering Committee, oversees our ERM process, including the management of risks arising from cybersecurity threats. The Audit Committee and the Risk Management Steering Committee each receive regular presentations and reports on cybersecurity risks, which address a wide range of topics including recent developments, evolving standards, vulnerability assessments, third-party and independent reviews, the threat environment, technological trends and information security considerations arising with respect to our peers and third parties. The Risk Management Steering Committee promptly receives information regarding cybersecurity incidents and elevates information to the Audit Committee about incidents when appropriate, as well as ongoing updates regarding any such incident until it has been addressed. The Audit Committee also receives routine executive reports on cybersecurity risk management from the GC, SVP-Ops and GVP-IT. On an annual basis, the Board of Directors discusses our approach to cybersecurity risk management with a representative of the Risk Management Steering Committee.
Each member of the Risk Management Steering Committee, including the business unit representatives and subject matter experts, has substantial experience managing risks at the company and at similar companies, including risks arising from cybersecurity threats. Through ongoing communications with these teams, the CFO, GC and the rest of the Risk Management Steering Committee monitor the prevention, detection, mitigation and remediation of cybersecurity threats and incidents in real time, and report such threats and incidents to the Audit Committee when appropriate.
As of the date of this report, we have not been materially affected by any cybersecurity threats, including as a result of any previous cybersecurity incidents. For more detailed information about the cybersecurity risks we face, please refer to Item 1A, “Risk Factors,” in this annual report on Form 10-K, including “Risks Relating to Legal and Regulatory Matters: A breach of the confidentiality or security of information we or our third-party providers hold or of the security of the computer systems used in or for our business could be detrimental to our business, financial condition and results of operations.”