IT/Cyber risks Sample Clauses

IT/Cyber risks. The Group's position as a global producer and service provider of components to infrastructure requires the Group to be vigilant and proactively address the evolving cyber threats, as the Group is a potential target for cyber criminals and nation state actors. The threat from cyber criminals is evolving and becoming more sophisticated, as cyber-crime is becoming an organised criminal industry where skills, capabilities and knowledge are traded as commodities. The threat from nation states utilising cyber-operations to pursue political goals is also evolving, as the increasingly unstable geopolitical environment may lead to an increase in destructive cyber-attacks with high correlation with military operations, information-focused cyber-attacks promoting political views, and strategic cyber-operations with the intention to compromise supply chains.
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IT/Cyber risks. Vestas' dependence on its commercial, technical, and operational IT infrastructure is significant and a cyber security event – whether caused by way of malicious hacking activities, unintentional human, error, or system failures – could have significant direct and indirect consequences. Vestas' own business operations as well as its customers' operations are at risk of theft of intellectual property or personal data, inability to meet contractual obligations leading to consequential fines or penalties, brand damage and loss of business opportunities.
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