Critical Factors to Consider When Choosing Boardroom Technology

Using the right boardroom technology is of utmost importance when shifting from physical to virtual board meetings. One of the most important factors to consider to make sure you choose the right technology is security.

Security and Boardroom Technology

Board meetings usually involve the sharing of confidential information to make strategic decisions. As such, the stringent security features should back up the board portal you choose for your organization. Confidentiality is one of the most critical issues boards have to consider because of the massive consequences of data leaks. Mitigating these leaks with boardroom technology fully secured from cyber threats while remaining compliant with laws and regulations is critical when digitizing the boardroom.

According to Taz Malik, Regional Sales Director of Convene for North America & the Caribbean, “When we have introductory calls with directors looking into digitizing, they have a lot of questions about security first and foremost. That’s one of the most important things.” Since digitizing the boardroom with technology can open up many risks, security should take precedence when considering upgrading the boardroom.

It is essential to discover what security measures your board should assess when choosing the right boardroom technology.

Understand Cybersecurity Threats in the Boardroom

Nowadays, boards are still adopting new ways of sustaining their regular operations. Boardroom technologies are becoming more popular these days. Board meetings have been held virtually through meeting software. However, as boards choose to hold boardroom matters online, the risk for more organized cyberattacks and data breaches also grows.

It is then vital to remain alert for cyber threats and be on your guard to mitigate any risks, especially during uncertain times. For example, cyberattacks could hit your board in virtual meetings. Therefore, upgrades in boardroom technology, especially security features, are important. In addition, your board may need a comprehensive evaluation of technologies, such as a board management solution.

Upon comparing these different software solutions, consider which solution has the most robust security features that can decrease the risk of cyberattacks. Data encryption, multi-factor authentication, role-based access control, and flexible hosting options are absolute must-haves. Additionally, digital tools or software certified and accredited by international organizations should help ensure the highest security standards for the boardroom.

Ultimately, look for security and feature-rich software solutions that can effectively respond to today’s critical cybersecurity challenges.

Weigh Your Hosting Options for Each Boardroom Technology

For most virtual collaboration tools, two hosting options are available – on-cloud or on-premise. In a nutshell, hosting on-cloud uses data stored externally on vendor-hosted servers. On the other hand, on-premise hosting involves storing data within your company’s servers.

There is no one-size-fits-all choice for organizations. As such, you need to choose a boardroom tool that can provide enough flexibility. It should also promote complete self-control over company data and information shared in meetings.

“We do have clients in different fields like the financial sector. I work a lot in the Caribbean, and some of my clients are central banks in different countries. All of their IT systems are housed in their buildings. They don’t use cloud service providers in their deployments,” Malik stated when discussing which hosting options organizations in the banking industry chose for their software solutions. He recognizes that most boardroom technology used by organizations in the BFSI industry for a more secure digitalization is hosted locally for more assured security.

Raymond Lam, CEO of CrewCorp Services, brings up the prejudice of many directors, “Having my data on cloud, I don’t always have control over it. If it’s in my house or office, I can lock it.”  However, he does mention that this line of thinking can cause limitations and hinder accepting improved technology.

“As you notice, technology is not like that anymore. There will be situations where it could be more secure on the cloud,” he added. He emphasized that even software hosted in the cloud can be a safe option for organizations, especially those considering improve boardroom technology. He explained that companies can readily now rely on SaaS services due to recent advances in security and capabilities.

When assessing how to host your data, consider factors such as regulatory requirements, organization bylaws, existing IT infrastructure, and even top management concerns. The bottom line is that you need to assess your organization’s needs and requirements before choosing the appropriate hosting solution for your software solution or a virtual board management software for the board.

Check for Access Protocols in the Solution

When your board begins to adopt a digital method of working, one of the critical features to check is the availability of system access protocols. A high degree of granularity should be present in the software you will use within the board.

Since board meetings tend to be volatile and highly critical, managing confidential information and discussions is essential for board members. This includes the ability to say things off-record, pause the recording of board meetings, and pull out sensitive digital documents as needed. Moreover, directors can be more confident to participate in virtual board meetings when corporate secretaries can strictly supervise proper documentation and access to information.

The ability to define user roles and permissions is critical in selecting the right boardroom technology and solutions. It needs to ensure that the right people have access to the right information. Thus, corporate secretaries and system administrators must control who can access specific documents and even agenda items.

Waweru Mathenge, Chairman of the Institute of Corporate Secretaries in Kenya, saw the need to consider all factors to enhance boardroom cybersecurity. “So the board really needs to manage at various mitigations in terms of the security software that needs to be put in place. You need to consider protocols for access to the system, and how to mitigate the risk of loss just in case there is system penetration. All that has to be considered so that those risks are minimized,” Mathenge emphasized.

Boardroom technology should both readily limit access to confidential files from restricted people while also being granular enough to enable board members to exchange secure information with one another freely. Access protocols of the software must be stringent, but not overly so that it affects how users will use the tool.

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With the pervasiveness of cyberattacks, the flexibility of the software when it comes to upholding security should be a significant consideration of boards when choosing a solution. Directors need to be equipped with the necessary skills and tools that can help them be champions of cybersecurity and boardroom technology for their organization.

One boardroom technology used by boards that must uphold the highest security standards is a board management solution. Therefore, boards should only use board management software solutions that the most security-conscious organizations trust.

One such solution is Convene, which is developed by Azeus Systems, a CMMI Level 5 company, and is ISO 27001 certified by International Organization for Standardization.

Learn how Convene ensures that your board will have complete virtual meeting security from any potential threats or vulnerabilities.