Mill City Ventures III Ltd
For the period ended Dec 31, 2024. Filed Mar 10, 2025.
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FY2024 · Filed Mar 10, 2025
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Item 1C. Cybersecurity
Our risk management strategy for cybersecurity generally includes:
| · | Assessment: We periodically assess our risks relating to cybersecurity threats, including risks relating to our reliance on third parties, as part of our overall risk-management efforts and program. In so doing, we consider the likelihood and impact that could result from the manifestation of such risks, together with the sufficiency of existing policies, procedures, systems, and safeguards to manage such risks. |
| · | Identification: We aim to proactively identify the manners in which our business could be materially impacted by cybersecurity risks. |
| · | Management: If deemed appropriate, we would design and implement reasonable safeguards to address any identified gaps in our existing processes and procedures. |
We presently do not engage third parties to assist us with the assessment, identification or management of cybersecurity risks, or in evaluating the effectiveness of our existing approaches.
We are unaware of any material cybersecurity breaches during the year ended December 31, 2024, and given that we rely on relatively few and well known well capitalized larger third-party enterprises for certain of our data and information storage and communication needs, we do not believe that an overall material cybersecurity risk presently exists for our business. Our criteria for determining the materiality of cybersecurity incidents includes assessing potential or actual financial impacts, reputational damage, and operational disruptions.
The Audit Committee of our Board of Directors is the governance body involved in, and ultimately responsible for, cybersecurity oversight. They will generally coordinate with our Chief Financial Officer in this regard, with management alerting the committee members to any specific concerns of which management may be aware. In the event of a cybersecurity concern or event, our Chief Financial Officer would report the events or his or her concerns to our Audit Committee and full Board of Directors, as well as legal counsel. None of our directors on the Audit Committee nor our Chief Financial Officer have particular experience in cybersecurity matters.
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