It doesn’t matter if it’s for the government, business or non-profit organisations, boards handle sensitive and confidential information on a daily basis. They are required by law to protect the interests of shareholders and other stakeholders. Therefore, they must be able to discuss issues without fearing about their deliberations being publicly and exposed.
Making a secure board data room about portal which is only accessible to those with the right password is a key way to ensure that your board documents are secure. It can also be helpful to create policies for the safe storage and disposal of physical documents. Additionally, using a board application that permits secure sharing of files can be a great option to prevent access violations.
While it may seem obvious to avoid putting confidential information on websites that are public, many organizations don’t take this precaution. This is particularly true for board meetings. A leak of confidential data could damage the image of an organization and may result in legal consequences for the company and directors.
A confidentiality agreement is a key instrument for keeping confidential documents private, however it can be difficult to enforce. A board’s confidentiality policy should be clear on the consequences for anyone who breaks the conditions of the agreement, including fines and discipline measures. In addition it should clarify what types of information needs to be kept confidential and include security protocols, such as encryption and the use of only approved platforms for communication.