Why your board’s outdated document management could be putting sensitive information at risk without you realising.
Not long ago, Credit Card details were the prime target of cyber attacks around the world.
Nowadays? Things are a little different. Data and sensitive documents such as medical records, account access details, and personal files are an increasingly sought after commodity. So much so that they’re now more valuable on the black market than Credit Cards.
If you don’t know why this should scare you, chances are you haven’t been paying attention.
Documents & Data – The new target in the digital age
Opportunists, insiders, or even state sponsored hackers have a new target in their sights: you.
Dive a little deeper, and it isn’t difficult to see why. Boards, trusts, and enterprises are the modern hub of sensitive data, insider secrets, and confidential information. Not to mention day-to-day documents like memos, minutes, and meeting agendas.
With a wealth of valuable information at your fingertips, your organisation – and its executives – are now a prime target for a cyber attack.
As we discussed recently, a cyber breach is a matter of “When”, rather than “If”. Could your board confidently say at this moment in time that it’s doing everything it reasonably can to protect its members and the data, documents, and information they can access?
If you’re eager to make it easy for attackers, then by all means continue business as usual. But if you’re serious about governing to the best of your ability, and avoiding the associated legal and financial repercussions, it’s time to consider embracing a new approach that keeps sensitive documents, safe.
Keeping documents secure? It’s simple with these 5 sensible solutions
1. Say sayonara to paperwork, seriously
We’d bet that few – if any – of the members currently sitting around your boardroom table enjoy working with paper. It’s a pain to manage, difficult to sort and store, and impossible to search through at short notice.
It’s also costly, but not for the reasons you’re thinking. Paper, ink, toner, and other stationery cuts into your bottom line, yes, but the ease with which it’s misplaced, lost, or forgotten is the most concerning. It may be an accident, but “It was an accident” is hardly a steadfast defense in the face of disgruntled clients, governing bodies, or large scale fines.
It’s shocking how many organisations are still hesitant to embrace change, and would rather take the risk. Transitioning to a digital environment isn’t just safer and smarter, it’s also never been easier with Stellar Library’s Board Portal Software.
2. Stop sending emails, as of yesterday
A secure environment can still be undone with the slip of a finger. In this context, consider how many times you’ve accidentally sent an email to the wrong address. When you’re sharing sensitive financial, medical, or legal documents, you can’t get that message back.
Visibility over sensitive information is paramount to your board’s ability to govern. So why are you comfortable giving up the ability to track and control a document as soon as you hit “Send”?
Once that email leaves your Inbox, the audit trail runs dry. That’s despite the document’s journey potentially continuing for who knows how long, to who knows where, and into the hands of…just about anyone.
3. Keep it encrypted in the cloud, only
The physical process of storing documents is deeply flawed, but modern software does provide solutions to these persistent problems. So when you need to safely store documents, it might be time to consider the Cloud.
Not all cloud based solutions are created equal. Some offer limited functionality, while others require 24/7 online connectivity in order to access your documents. It’s a case of one step forward, two steps back.
This isn’t the case with specialised solutions like Stellar Library’s Board Portal. Stellar’s cloud-based software offers higher levels of encryption when compared to competitors, offline access, as well as a pricing structure that means you pay for what you need, and not what you don’t.
4. Leave personal devices at home, and your work at…work
Like most boards, yours is likely under immense pressure to fulfill its responsibilities, which can often lead to late nights at the office or, worse, work following you home. The moment sensitive documents pass through those doors, you’re knowingly putting them at risk.
Your work and home office environments are completely different. One is secure and monitored by your IT staff, while the other likely relies on insecure connections, outdated operating systems, and is at a greater risk of phishing, malware, and virus threats.
Don’t think that dragging your personal devices into the boardroom is any better, either. You wouldn’t take a sick person into a hospital, so why are you taking unsecured devices into an otherwise secure environment?
If you need the ability to work on sensitive files and board documents while out of the office, at least use a secure solution like Stellar Library. With Stellar, there’s no need to place a file on a thumb drive that could fall into the wrong hands, or email files to yourself that could be stolen if your account is compromised.
Instead? Files are securely stored and accessed via the cloud, never downloaded. And with the single-button ability to remotely revoke access? You’ll never need to worry about misplacing your device ever again.
5. Audit document and account access, regularly
Speaking of access, do you know who has access to which files in your organisation at this exact moment in time? While this might not seem like a big deal, think about the number of clients who’ve come and gone, business partners who’ve parted ways, or staff who’ve walked out the door.
Do they still have access to the files that were given to or shared with them over the years?
More than that, would you know?
The last thing any organisation wants to consider is a cyber attack coming from the inside, but disgruntled employees with access to the metaphorical keys to the kingdom can cause serious damage.
With existing solutions, gaining this level of clarity as to who has access to which document, folder, or drive can be overwhelmingly complex. Not so with Stellar Library, which provides complete control over who can access files, down to minute details including the ability to edit or print.
Keeping documents safe is simpler with Stellar Library
What we’ve covered above is simply the tip of the iceberg when it comes to ways in which your organisation can keep its documents secure in the face of past, present, and potential future threats.
Trouble is, your boardroom is busy enough getting on with the act of governing to worry about every last detail, and that’s where Stellar Library’s Board Management Software comes in. Stellar Library uniquely addresses each and every, providing secure access to documents anytime, anywhere, on any device.
It’s the kind of control a modern board like yours needs to stay safe from the increasing number of cyber security threats while achieving better board meetings.
It’s a smart solution, delivered simply.
Why failing to embrace technology in the boardroom could prove costly.
Technology has long been considered a disruptor.
In the same breath, it’s not unkind to say that organisations are generally considered somewhat stubborn and slow on the uptake. To this day, board members prefer to keep their hands on physical documents, and the time, costs, and security risks that entails.
While “…this is the way it’s been done for decades!” may be common reasoning, the seemingly allergic reaction to change is untenable in today’s modern era. Physical documents are a time and money sink. There’s no two ways about it.
They leave your organisation sitting idle and steepling its fingers.
The solution? As Stellar says, “It’s simple!”
The rise of Board Management Software isn’t just a fluke, and it certainly isn’t a fad. Instead, it’s a lifeline for boardrooms in desperate need of a modern solution that cuts costs and cuts out downtime, while improving compliance, governance, and visibility.
Board Software – Keeping members on the same page, simply
Let’s be honest, the typical board meeting isn’t the fastest, most effective, or efficient use of time. From the initial pre-meeting logistics through to last minute changes, doing things the old way directly affects your board’s ability to govern. It’s frustrating.
What’s more infuriating is when you realise there’s no need for discussions to slip from the schedule, or for members to waste time thumbing through pages for a piece of information. But then, this is just the way things work, right?
Not necessarily, no.
The ability to improve the administrative process, quite literally, sits at your fingertips. Transition to a digital environment and you’ll quickly reduce the time of rework and last minute changes, while streamlining board activities, boosting workflow efficiencies, and keeping everyone on the same page.
Visibility, compliance, and governance made easy with these 5 tech advantages
1. Assemble documents, agendas, and memos in minutes
Your board’s ability to govern relies on quickly and easily assessing all of the information at hand, so it’s no surprise that outdated processes and a mess of printed documents holds you back.
You can’t assess what you can’t find.
It gets worse. According to recent reports, staff waste “…an average of 6 hours per week searching for paper documents.”. More than that, a Nintex study examining the typical document management process found that:
- 49% struggle to find the right document.
- 33% face issues around document versioning.
- And 23% were struggling to communicate sales results to the company.
That’s a lot of wasted time, energy, and, ultimately, money…and for what? Moving out of dark ages and equipping your board with the tools it needs to alleviate these pressure is the only effective way to streamline the pre- and post-meeting processes.
2. Collaborate without the hassle
Chances are your board enters a meeting with a stack of paperwork, and leaves with that much more. Memos. Minutes. Scribbled notes between the margins. Is it any wonder administration costs are skyrocketing, with secretaries working overtime to manually track and log these changes?
Now consider an environment where these changes can be made on the fly, during board meetings, with 100% visibility? By working within a cloud based environment, your board can recoup lost time, remain on the same page, all while accessing, collaborating on, and sharing the right documents, at the right time, with the press of a button.
3. Retain control, at all times
Business moves faster now than ever, so why are you still waiting on couriers to deliver important paperwork? To be fair, existing electronic alternatives aren’t much better. In fact, they’re likely as insecure, if not moreso.
Take email, for example. Strong encryption may sound good on paper, but there’s no guarantee that your sensitive information isn’t being intercepted or accessed at the other end by unscrupulous eyes. Every day that your board continues to communicate via insecure channels, is another day closer to feeling the financial and reputation cost of a security breach.
Members and, more importantly, lawmakers don’t just expect better. They demand it. With Stellar Library’s Board Management Software, you have access to a secure sharing channel with full control over who can access, edit, or even print a document.
It completely eliminates the wait time associated with physical documents.
What’s more, it removes the risk of obsolete board papers sitting around in post boxes or inboxes.
4. Effectively govern across city, land, and sea
Technology’s blessing is also a curse. Working remotely, on the move, or across time zones is all well and good until you need to quickly share important information.
Digital technology has the ability to break down these barriers while simultaneously building virtual bridges across vast physical distances in order to deliver round-the-clock, 24/7 access to important documents when and where your board meets them.
When it comes time for your next meeting, software like Stellar keeps everyone on the same page.
And with the same versions.
Compared to the current mess of paperwork, it’s priceless.
5. Slash storage costs while keeping documents secure
How much is paper really costing you? Documents aren’t just costly to print, but also store. Recent studies have reported that a “…typical 100-person organisation…” could spend upwards of $16,800 USD just to cover the space required to store physical documents.
That figure is just for the filing cabinets, not the floor space.
The numbers are staggering.
What’s worse, documents usually need to be held for set periods of time for compliance reasons and to ensure a clean and clear auditing trail. You can’t just up and rid of them. They need to go somewhere. That’s saying nothing of the time-consuming act of actioning requests for a file stuffed away who knows where.
Now consider the alternative like that provided by Stellar. In an instant, the software’s search functionality makes it easy to search for, find, and organise documents in mere seconds, minus the physical footprint and accompanying costs.
More than that, data is encrypted and kept secure in the Cloud where it’s safe from insecure communication channels, being left on a bus, or the costly repercussions if physical documents were to go up in flames or become waterlogged in a flood.
Stellar Library is a smart choice in the boardroom
The modern boardroom requires a new solution if it’s going to face the increasing number of responsibilities – and challenges – that continue to fall under its umbrella.
You owe it to shareholders, stakeholders, and members alike to ensure you’re operating at peak capacity and performance. Stellar Library’s Board Management Software enables you to do just this, equipping you with the tools you need to embrace a paperless environment, increase security, and improve your board’s ability to govern.
As highlighted above, your board spends a lot of time waiting around.
The question is, why waste another second (or cent)?