THOR Industries, Inc. has recently released its 10-K report, providing an in-depth look at the company's financial performance and operations. The company specializes in designing, manufacturing, and selling recreational vehicles (RVs) and related parts and accessories in the United States, Canada, and Europe. Additionally, THOR Industries offers aluminum extrusion and specialized component products to RV and other manufacturers, distributing its products through independent and non-franchise dealers.
In its 10-K report, THOR Industries detailed its cybersecurity risk management and strategy. The company disclosed that it devotes significant resources to its cybersecurity program, which is designed to mitigate cybersecurity and information technology risks. This includes addressing unauthorized access to information, data corruption, disclosure of confidential information, and operational disruptions. THOR Industries integrates cybersecurity risk management into its overall risk management system, regularly identifying and assessing potential threats to its cyber/digital landscape and developing mitigation strategies based on the potential business impact. The company also conducts penetration tests, internal tests/code reviews, and simulations using cybersecurity professionals to assess vulnerabilities in its information systems and evaluate its cyber defense capabilities. Furthermore, THOR Industries maintains cybersecurity insurance to defray the costs of potential information security breaches.
The company emphasized that in fiscal 2024, it did not identify any material cybersecurity threats that materially affected or are reasonably likely to materially affect its business strategy, results of operations, or financial condition. However, THOR Industries acknowledged that despite its preventive measures, it may not be aware of all vulnerabilities or accurately assess the risks of incidents, and such measures cannot provide absolute security or mitigate all potential risks. The company also noted that it, its suppliers, and its dealers have been the target of cybersecurity incidents in the past and may be subject to such incidents in the future.
THOR Industries' Audit Committee of the Board of Directors oversees risks from cybersecurity threats, with the Data Protection Officer providing quarterly reports on cybersecurity risks and any material incidents to the Audit Committee. The Data Protection Officer also provides semi-annual reports directly to the Board of Directors, covering cybersecurity practices, risks, risk management processes, cybersecurity programs, and mitigation strategies. Reporting directly to the Chief Operating Officer, the Data Protection Officer has primary day-to-day responsibility for the company's overall cybersecurity risk management program and oversees internal cybersecurity personnel and retained external cybersecurity consultants. As a result of these announcements, the company's shares have moved -0.3% on the market, and are now trading at a price of $103.19. For the full picture, make sure to review THOR Industries's 10-K report.
