Board members are able to access sensitive information as part of their fiduciary responsibilities. This information must be kept private. Board members need to be able to discuss sensitive information without fear they will share it.
To minimize the risk of leaks, boards can implement a variety of strong security measures like restricting access to sharing, stopping sharing, and encrypting documents and backing them up. They can also make use of an online management system for boards that offers granular controls on documents to prevent unauthorised printing or downloading, as well as screen shots. It also offers an audit trail that is detailed and outlines users’ activities from page level.
A carefully-drafted confidentiality policy for the board will aid in protecting confidentiality of board members, because it will inform directors of their responsibilities and create a culture where leaking is considered to be unethical or dishonest. The chairman or lead directors could distribute the policy to directors who are new before they are appointed and to current directors prior the beginning of their term, to allow them to have questions and sign if they wish.
A secure board portal is the best way to protect sensitive data. It lets users only access documents on devices they data room about own and exclusively use for this purpose. Govenda’s secure portal for boards offers enterprise-grade security and precise document control features like watermarks that are tamper-proof, blocked printing to files and revocation of permissions to download and logging of usage to identify who has visited and printed each individual document.
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