Company: BWFG
Filing Date: 2025-03-05
Form Type: 10-K
Source: 0001505732-25-000052
Chunk: 77

Company: Bankwell Financial Group, Inc.
Filing Date: 2025-03-05
Form: 10-K
Item: Item 1C
Chunk 77
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 the Company's results of operations and financial condition, changes in the competitive environment, business operations and strategy. Although management does not believe that the Company has experienced any material losses to date related to cybersecurity incidents, there can be no assurance that the Company will not suffer such losses in the future. For more information on potential risk related to cybersecurity incidents, including intellectual property theft and operational disruption, please see “Item 1A – Risk Factors” of this report.

Cybersecurity GovernanceThe Audit Committee and Risk Committee of the Board of Directors provide oversight of Company cybersecurity risks. The Risk Committee conducts a minimum of one cybersecurity program update per year, including a review of capital spend, budget, and staffing, as well as periodic reports on cybersecurity threats, awareness training, and key risk indicators related to the Company’s progress on risk mitigation activities. Annually, the Audit Committee reviews and recommends to the Board approval of management's recommendations on cybersecurity insurance. The Risk Committee reviews the Company’s oversight related to cybersecurity risks, to ensure that Board oversight of such risks remains appropriate and that risks are appropriately managed.The Company’s Chief Information Officer ("CIO") oversees the Company’s information technology programs and investments. The Company’s CIO has over 20 years of information technology experience, including ten years in various information technology leadership roles. Our CIO holds a Bachelor of Science in Information Technology. The Company’s Chief Security Officer ("CSO") reports to the Chief Risk Officer and oversees the Company’s information security programs. The CSO possesses over 20 years of Information Security and Technology experience.  Our Risk Management Committee, which includes the Company’s Chief Risk Officer (Chair), Director of Risk Management and CSO, assesses and monitors the effectiveness of the Company’s cybersecurity risk management program. The Company’s internal audit function also performs independent reviews and validation of the program, including policies and procedures as determined by their annual risk assessment.

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Both the CIO and CSO regularly report to the Board's Risk Committee on the Company’s identification, prevention, detection, mitigation and remediation of cybersecurity risks and incidents. In 2024, the Risk Committee reviewed the Company’s cybersecurity program and maturity assessment, provided regular oversight of cybersecurity risks, with cybersecurity discussions and dashboard reviews of key performance indicators and risks during the course of the year. With respect to specific incidents, the Company leverages an incident response framework to elevate and evaluate specific incidents to the CIO and CSO, along with the Company’s senior leadership, including the finance, compliance, and legal functions. In the event