Entrust your information to the right hands, so it doesn’t fall into the wrong hands
A search of the term cybersecurity at any given time will yield countless articles and blogs on the subject – past, present and potential future attacks; trending threats; how to prepare against security breaches; industries vulnerable to attack, etc. Cyber-attacks are becoming an increased threat for all businesses. Based on a recent study by Coro, a leading cybersecurity company, the number of attacks against midsize companies in every industry examined jumped by at least 50% throughout 2020 and 2021.
With that in mind, the information you circulate to your board members is highly confidential in nature and needs to be protected to limit risk and material impact on your company.
What could go wrong if your board data is compromised?
Your company could find itself suffering a wide range of consequences that goes far beyond the actual data loss itself. To name a few:
Intellectual property loss.
Board books, meeting minutes, vote results, share prices, business practices and policies, trade secrets – all information that singularly or collectively gives your company a competitive advantage – can become an irreparable loss.
Reputational damage.
Business relationships, investor relationships, and the general perception of your company runs the risk of damage, if you don’t have the proper controls in place to protect your information, as well as any other data your company may be entrusted to hold.
Economic damage.
Lost earnings – from both existing and potential opportunities, insurance increases, and costs associated with corrective actions that come with falling victim to a cyberattack could have a very real effect on your company’s ability to maintain normal business practices.
Legal ramifications.
If it’s deemed that your company neglected to have the proper controls in place, you also run the risk of heavy penalties for transmitting confidential information in an unsecure manner.
A board portal can be a great solution to store, access and distribute your board materials more efficiently and help reduce risks. A secure board portal allows you to:
Protect your board information through secure sign-in verification (including optional multi-factor authentication for multiple layers of login security).
Store everything you need for board meeting preparation in one central location, providing a structured environment for collaboration.
Control your communications, eliminating the need to email sensitive documents, as well as the risk that those documents could be lost or shared.
Control access, by allowing you to grant user-specific permissions, so you can authorize the information participants – from corporate secretaries, to directors, to general counsel – are able to view.
These are all considerable benefits over maintaining in-house processes to manage this data, but above all else, you need to know that your sensitive data is always secure. If you don’t have that certainty, all the benefits and efficiencies in the world don’t matter.
What should you consider when choosing a board portal solution?
With the need for confidentiality and data protection growing each year, board portals are becoming the standard solution in solving many challenges. Prior to deploying a board portal, here are some variables to consider:
Data security
Check to see if the vendor utilizes servers and infrastructure that have IT accreditations such as SSAE16, AT101 or equivalent audited data facilities. End-to-end security may include encrypted data at rest (in the database vault) and secure document transmission to ensure downloaded content is protected (such as document management capabilities to automatically expire documents that have been transferred from the server to a laptop or tablet after a pre-determined amount of time).
Dedicated support anytime, anywhere
Just as important as data security, so must be convenient service and support. If you have domestic and international board members, check to see if the vendor provides a dedicated global client service team to oversee all aspects of your relationship. Having a follow-the-sun global support model with staff available via phone, email, and chat, eliminates having to abide to specific office hours when you need assistance. Accessibility to your support team can mean the difference between success and failure of sensitive decisions – especially when the stakes are high.
Cost analysis
While running a cost analysis for a board portal solution, it is important to not only look at the fees associated with a board portal, but also to explore the costs in your current board management processes. When evaluating providers take time reviewing your options and find vendors that can provide you with the required value based on your board’s needs – without the additional upgrades or special add-ons. Consider a comprehensive platform that includes everything you need for board meeting preparation, like unlimited officer groups and committees, and unlimited space for document storage, right from the start.
Beyond the board book
What else can the portal do specifically for your directors and company secretary? Examples of additional benefits and features of a portal should include detailed information and reference material related to the meetings, online document approval, e-signature request workflows, director and officer questionnaires and storing/sharing sensitive information within the security guidelines of a portal
Transform the way you share board materials
Computershare’s BoardWorks™ board portal solution helps you manage your time and your board responsibilities more effectively and efficiently. With BoardWorks, you get more than a software application. You gain a well-established partner with decades of experience that is committed to data security, client service and support.
Purpose-built to enable seamless communication, collaboration and critical functions between your company and your board members, BoardWorks provides your board with secure, online and offline access to board documents – allowing them to annotate, share, comment, and exchange ideas prior to a meeting or event.
BoardWorks simply makes your board meetings easier, streamlines processes and gives you control over your board materials.
To learn more about BoardWorks or to schedule a demo, complete the form below and one of our experts will be in touch with you shortly.
BoardWorks is a registered trademark of Computershare in Canada, and a trademark of Computershare in the U.S. and other countries.