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OiX N/A   N/A

COMPLIANCE

In meeting the government compliance obligations, OiX needs to create compliance cost fund which can include expenditure of time or money in conforming with government requirements such as legislation or regulation.

OiX Global, the company will effectuate /enact effective disclosure controls and procedures to take all required actions to inform investors about material cybersecurity risks and incidents in a timely fashion.

Oix can fall victim to successful cyber-attacks or experience other cybersecurity incidents may incur substantial costs and suffer other negative consequences, which may include

  • remediation costs, such as liability for stolen assets or information, repairs of system damage, and incentives to customers or business partners in an effort to maintain relationships after an attack
  • increased compliance costs, which may include the costs of making license, lawsuits, organizational changes, deploying additional personnel and protection technologies, training employees, and engaging third party experts and consultants;
  • lost revenues resulting from the unauthorized use of proprietary information or the failure to retain or attract customers following an attack;
  • litigation and legal risks, including regulatory actions by state and federal governmental authorities and non-U.S. authorities;
  • increased insurance premiums;
  • reputational damage that adversely affects customer or investor confidence; and damage to the company’s competitiveness, stock price, and long-term shareholder value.

OiX investors and concerned government authorities will be provided with periodic reports to make disclosure regarding OiX business and operations, risk factors, legal proceedings, management’s discussion and analysis of financial condition and results of operations, financial statements, disclosure controls and procedures, and corporate governance.

OiX to disclose cybersecurity risks and incidents that are material to investors, including the concomitant financial, legal, or reputational consequences.

Compliance obligations, cybersecurity incidents and the risks that result therefrom may affect a OiX financial statements.

Incidents may result in-

  • expenses related to investigation, breach notification, remediation and litigation, including the costs of legal and other professional services;
  • loss of revenue, providing customers with incentives or a loss of customer relationship assets value;
  • claims related to warranties, breach of contract, product recall/replacement, indemnification of counterparties, and insurance premium increases; and
  • diminished future cash flows, impairment of intellectual, intangible or other assets; recognition of liabilities; or increased financing costs.
Data Breach Example evidence

A one-year model (see "Analysis- How Data Breaches Affect Stock Market Share Prices" from Comparitech and "Post-Breach Share Prices Plummet Below NASDAQ Average" from Infosecurity Magazine) showed that share prices experienced an immediate 2.84% drop versus the Nasdaq average, and took 38 market days to recover. The stocks then outperformed the Nasdaq until day 175, at which point they started falling again. Three years after a breach, share price had fallen 42% relative to the Nasdaq baseline.