No matter if they are for businesses, government or non-profit organizations, boards deal with confidential and sensitive information on a daily basis. They have a fiduciary duty to safeguard the interests of shareholders and other stakeholders, therefore they need to be able talk about issues in a relaxed manner without worrying about their deliberations being publicly and exposed.
Creating a secure board portal which is only accessible to those with the correct password is a key way to keep sensitive board documents safe. It is also beneficial to create guidelines for the safe storage and disposal of physical papers. In the end, using a board application that allows secure sharing of files is an excellent method to ensure that you are not a victim of access violations.
Many organizations do not take this step even though it could seem obvious. This is especially true for board meetings. A leak of confidential information can cause damage to the reputation of an organization and it can even cause legal consequences for the directors and the company.
A confidentiality agreement can be a powerful tool to ensure that documents are kept private. However, it can be difficult to enforce. A confidentiality policy of the board should have clear consequences for anyone who breaks the conditions of the agreement for example, fines or discipline measures. It should also specify the types of information that should www.dataroomabout.com/ideals-virtual-data-room-review/ be kept private and include security protocols, such as encryption, and only use approved platforms to communicate.
