Boards are constantly dealing with sensitive and confidential information, whether they are in government, business or non-profit organizations. They have a fiduciary duty to protect the interests of shareholders as well as other stakeholders, so they have to be able discuss issues without fearing about their decisions being disclosed.
A secure board portal which is accessible only by people with the right password, is an essential method to safeguard sensitive board documents. It can also be helpful to create policies for the safe storage and disposal of physical paper www.dataroomabout.com documents. Additionally, using a board app that allows for secure sharing of files can be a great solution to ensure that access is not violated.
Although it is obvious that you should avoid putting confidential data on public websites, many organizations don’t take this precaution. This is particularly true for board meetings. A leak of confidential data can hurt the image of a company and could result in legal consequences for the company and directors.
A confidentiality agreement can be a useful tool to keep confidential documents secret. However, it is difficult to enforce. A board’s policy on confidentiality should clearly define the ramifications for violating the agreement. This could include sanctions and fines. In addition it should specify the types of information that must be kept secret and include security protocols such as encryption and the use of only approved platforms for communication.