Virtual boardroom software has gained immense popularity in the recent few years, especially when the global business fraternity went online due to Covid-19 restrictions. But the truth is that board portal software has changed the concept of online communication and data sharing in the corporate sector.
What is the biggest hurdle for management to ensure smooth coordination between board members? There are tons of online communication platforms, but the problem remains the same.
Although meeting management tools provide enough to streamline communication at the higher level, what they lack is premium-grade digital security. Cybersecurity remains a major threat to any type of business at any level. Data breaches have been costlier and costlier, as the average cost of a data breach in 2022 was $3.9 million.
Why board portals?
The question stands, why board portals? Or, how are board portals different from other meeting management tools in the market?
Board portal or board of directors software addresses the biggest concern of the corporate world — data security. Yes, they streamline everything from board document management to data sharing to board meeting management. But, it is their imperial cybersecurity features that make them unique. Also, sort out compliance issues for companies.
Read on to learn more about virtual boardroom security and compliance but let’s start with an introduction to board portals.
What is a board portal?
Board portal or virtual boardroom software is a cloud-based, digital meeting management platform with advanced data management and meeting management tools for the boards of directors, CEOs, CFOs, board secretaries, corporate teams, and other senior-level officials.
The platform usually boasts data sharing, management, distribution, and organization tools. When it comes to meeting management, board software provides full automation, from meeting agendas to voting tools to the distribution of meeting minutes.
Most importantly, virtual board portals employ the latest security tools for maximum data protection. “Remote access, fast data retrieval, ease of use, and a premium form of online security is what board members want — board software gives all of them,” says Andrew Klein, CEO, business analyst at https://board-room.org. To explore the boardroom world and read detailed board portal reviews, click here.
Board portal software compliance
Most of the regulatory authorities require companies to protect customer data and employ data protection protocols set by the authorities.
For example, stock brokerage companies in the financial sector are regulated by FINRA. HIPAA regulates data management in the healthcare sector. Similarly, GDPR governs the data management and protection practices in the European Union. Companies operating under these authorities have to comply with the regulations set by them.
Generally, high-end board portal vendors like iDeals, Nasdaq, Govenda, Azeus, etc., are FINRA, HIPAA, GDPR, and ISO certified. Thus, they are ready-to-use data and communication management tools for private and public companies.
Virtual boardroom software security
What makes board software secure? Here are some worth mentioning boardroom security features.
Role-based access settings
A virtual boardroom gives the management rights to decide the level of access for all the users to avoid unauthorized document access. The management can restrict guest users from accessing sensitive information or even set roles for regular boardroom users. Role-based permission settings ensure everyone has access to board software according to their roles.
Remote data wipe and re-authentication
Board software protects corporate data in case of device loss or theft. If any user loses their device, the board portal management can immediately remove that device from the platform and all the files/data downloaded from the portal. In addition to that, even if the device is logged in, the session will expire after a specific period, and re-authentication will be needed to log back in.
Everything users store or share in the virtual boardroom is end-to-end encrypted. Mostly, portal vendors employ 256-bit SSL encryption, the strongest in the world. What’s more, boardrooms nowadays have multi-tier key management features which ensures the data inside the platform remains unreadable when someone logs in from an unregistered device.
Boardroom users have to provide the correct password and a temporarily generated one-time code shared on the user’s registered device. Entering the wrong code often locks that device and restricts it from accessing the platform. Apart from that, board software only allows access from registered devices.
User activity tracking
User-activity logs help the administration track any suspicious activity in the VDR. These logs usually contain information about login attempts, meeting updates, file permissions, files accessed, actions performed on documents, etc. If there is something fishy, the boardroom admin can immediately remove that device from the portal and seize all the data.
Other notable security features include digital watermarks, fence-view mode, file tracker, the view-only mode for documents, and granular access.
Board portal software boasts the latest communication and online collaboration tools, but it is their digital security that makes them highly preferable board management solutions.
Board rooms boast role-based access settings, remote data controls, multiple-level encryption, multi-factor authentication, and user activity tracking.
Not to mention, they settle the regulatory affairs for private and public companies alike, becoming a top choice among boards of all company types and sizes.