By: Jessica Cooper
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August 22, 2019
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How To

How to Secure Sensitive Board Communications

How to Secure Sensitive Board Communications

 

Organizations from multiple industries are tasked with implementing secure content collaboration tools, such as cloud storage solutions, and board portals and virtual data rooms (or deal rooms) to secure board books and other, confidential board information. These are necessary to enable use cases that involve key business roles, highly sensitive data and compliance requirements. There has been significant growth in demand for these tools, as well as an increase in regulations on data protection and privacy. In the past, organizations have secured board books and documents by deploying solutions like board portals and virtual data rooms, that can address their specific security requirements.

This blog explores the use cases of board portals and virtual data rooms, the challenges that organizations face with these tools, and VERA’s solution to protect board books and other company documents in collaborative environments with strict security requirements.

 

Overview: Board Portals (BP) and Virtual Data Rooms (VDR)

 

Board portals and virtual data rooms are highly specialized solutions where companies can store sensitive information and share it with authorized users. Some BP and VDR tools allow secure collaboration among board directors and members, administrators, and management. These solutions might also include digital meetings, the ability to deliver digital meeting materials and board documents to mobile devices such as phones, tablets, and laptops. 

BPs and VDRs provide basic features for secure access and collaboration. More specifically, VDRs are used to facilitate the due diligence process during M&A transactions, loan syndications, or private equity and venture capital transactions — financial transactions that require the exchange of hundreds, or thousands, of documents. However, these tools are not without significant challenges.

 

Challenges of Board Portal and Virtual Data Room Tools

 

  • Secure Collaboration for Internal and External Users is Cumbersome and Unnecessarily complicated Board portals and virtual data rooms do not have the ability to protect the full lifecycle of enterprise content. Companies regularly store and share information across multiple repositories, and the daily course of business disperses that data across different systems, from CRM to ERP to HRM and even to financial systems.
  • Narrowly-Focused, Expensive and Fragmented It’s common for most companies to invest in multiple point products that have a narrow focus so they can cover each use case. But, BP and VDR applications are often narrowly focused, expensive and fragmented. Complexity and support costs typically grow significantly over time with increased usage.
  • Lacks Integrations with Other Software and Repositories Board portals and virtual data rooms lack integration with Microsoft Office 365, SharePoint, Box, Dropbox, and others. They do not offer a development platform and are too narrowly focused on board-specific use cases when most organizations are highly collaborative and need the ability to work with multiple groups and departments. Companies need content security that enables multiple use cases, working across different platforms and tools.

 

Secure Sensitive Board Communications with VERA

Board Documents in Preparation (or During) Meetings

VERA allows internal and external (as well as third-party) collaborators to securely share and edit board documents, presentations, and spreadsheets regardless of how that content is accessed. This way, your users can maintain operational agility without risking security. By giving organizations central control over access, sharing and collaboration, policies follow the data and can be implemented globally and automatically across all users.

 

Enable Secure Collaboration

Due to the highly collaborative nature of business, it is not safe to assume that enterprise data resides solely in controlled systems. A better approach is to design a system that can operate securely, independent of how information is shared or stored. And, to ensure control, management, and ownership over critical data, the platform must permit any kind of content type to be controlled and monitored consistently.

 

Data Protection After Board Meetings Are Completed

Realized you sent the wrong file, or a close collaborator is now a former partner? With VERA’s real-time access control, instantly revoke access to any VERA-protected document, and take back control even if the files have been downloaded, copied, or shared online. Whether an employee leaves or a project with external contractors is completed, change or take back access rights to files with a single click, on any platform or device.

 

Summary

 

Realized you sent the wrong file, or a close collaborator is now a former partner? With VERA’s real-time access control, instantly revoke access to any VERA-protected document, and take back control even if the files have been downloaded, copied, or shared online. Whether an employee leaves or a project with external contractors is completed, change or take back access rights to files with a single click, on any platform or device.

To learn more about how VERA can help you secure sensitive board documents, please download our free solutions brief, “Secure Sensitive Board Communications with VERA”.

By, Jessica Cooper