Cybersecurity has always been top-of-mind for IT departments, and these days, it’s an increasingly important issue for boards as well. Gartner estimates that by 2020, virtually all large enterprises will need to report annually to their board of directors on cybersecurity and technology risk, and this timeline seems conservative. It will likely be a standard requirement much sooner.
With this increased focus on security, what about security of board information itself? Board communications bring challenges above and beyond internal company data. Part of a board administrator’s job is to coach and oversee how directors communicate, to ensure that they don’t unintentionally leave company data unsecured. Directors are busy, mobile, and sometimes less-than-tech savvy. How many of them right now are saving documents outside your safety protections and onto their desktops? How many are conducting board decision debates over email?
While IT often laments human behavior, the fact is that administrators need to safeguard against those things we all know “people shouldn’t do” – but do. Whether you’re using board portal software or board meeting management tools like email, Dropbox, SharePoint or an in-house system, there are three key threats to watch.
Threat #1: Data can be downloaded
When you send information electronically to your board members, they need to review it and depending on how data is sent, directors can put data at risk when accessing documents.
Email is notoriously insecure and will require directors to download material outside of their email. Dropbox may seem secure due to its AES 256-bit encryption, but similar to email, your data will not stay within Dropbox. It will be opened by directors and potentially saved elsewhere (e.g., their desktop).
With SharePoint, as well, the documents are only secure when they reside within the system. As soon as they’re saved elsewhere, you’ve lost control – and you don’t even know the data has been removed.
Board management software can provide administrators control of whether documents may be printed or downloaded and can track who has accessed documents – all to protect sensitive material.
Threat #2: Decisions and communications are data
When you use Dropbox, SharePoint or another in-house system for board communications, you need to put in place a separate platform for discussion and decisions to prevent director temptation to discuss decisions over email, which is generally unsecure.
Beyond being a one-stop source for board materials, a board portal provides instant tools for directors to annotate documents and discuss board decisions. Whether these discussions are across the whole board or with select directors, it’s all kept secure. Administrators can also post questions to the board through surveys. These features help keep sensitive topics out of everyone’s inbox.
Threat #3: Lost data doesn’t disappear
No one intends to lose their tablet, phone or laptop, but mistakes happen to the best of us. The key issue for board administrators is whether you can remove data from a lost or stolen device if you need to. Email, documents and even potential Dropbox access are instantly at risk.
The ability to purge data is essential for confidential company material. Board portals allow for rapid response if a device or laptop is lost, with instant, remote data-wiping.
Safeguarding your board – key things to consider
The challenge with security is the complexity of board communication. When choosing board collaboration tools, you need to consider the end-to-end activities of board members, as they access, review, and communicate.
These five security-focused features will help keep your data safe:
Last year, the cost of cyber security to companies rose 22.7 per cent to an average of US$11.7 million, primarily due to security breaches. Protecting your board will help ensure that you don’t become part of this statistic.
Need help assessing the right board portal software for you? Download the free Board Portal Buying Guide