Why your board’s outdated document management could be putting sensitive information at risk without you realising.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)?
Why it isn’t the act of falling, but rather how your organisation picks itself back up, that really counts.
In this digital age, a cybersecurity breach is as inevitable as death or taxes.
Most board of directors will lament how crippling managing the latter can be, but when it comes to a security breach? The most pressing issues is one that most boards are largely unfamiliar with, having not yet felt the effects of Malware, Phishing Scams, or Zero-Day Exploits and the havoc they can wreak for weeks, months, if not years to come.
Despite this, many corporations consider themselves well prepared to deal with an attack. In a recent survey of New Zealand organisations, for example, some 74% claimed they were reasonably well-prepared for a security incident.
This is a concerning figure, when you consider it was found that the average cyber incident response maturity of New Zealand organisations sits at just 1.7, sitting somewhere between Initial and Ad-Hoc on a 5 point scale.
Your board’s access to a wealth of highly sensitive, valuable information including client, vendor, and employee information as well as patents and intellectual property makes it a prime target. So while prevention is better than a cure, preparing for the inevitable should still sit atop your priority list.
Security Breaches Are A “When”, Not “If”
Let’s put the potential ramifications of these stats into context. According to an article published in the Cyber Security Review, “It has been estimated that half of the small businesses that suffer a cyberattack go out of business within six months as a result.”
To maximise your board’s security, it’s increasingly clear that an effective risk management plan and complete data security strategy cannot be considered comprehensive if it doesn’t deal with the inevitability of a potential breach. As well as what happens in the hours, days, and weeks that follow.
A delayed response doesn’t just affect the recovery process, it also highlights that your board is ill prepared for a breach of this nature, which can further harm your reputation when the last thing you need is more bad news.
Some board members may be apprehensive, seeing this as an admission of failure. The reality is far different, in fact. Being ready to act minimises downtime, limits bad press, and highlights that you’re aware of the realities of doing business in an increasingly connected world where new threats are just around the corner.
6 Steps that will help your board recover from a cybersecurity breach, with class
1. Identify the breach
Many of today’s leading hacks, attacks, and breaches rely on their ability to remain hidden, where they slowly syphon important data like board minutes, memos, meetings, or agendas, as well as intercept emails and other network communications.
Identifying these issues is a major hurdle in the road to recovery, but robust internal monitoring, tools, and systems should turn up any unusual traffic, unauthorised IP addresses, or mass login attempts, for example, ensuring they’re caught at the earliest possible time.
2. Set up virtual containment lines
Isolating the breach as well as any affected files or hardware minimises the damage and fast tracks recovery. Depending on the nature of the attack, this could include taking servers or systems offline, revoking access privileges, and updating credentials.
Limited oversight and control over who has access to what can make this task difficult, which is why it’s recommended that boards employ effective Board Management Software with a robust feature set. Stellar Library, for example, makes it easy to update or revoke access privileges for devices and data with the touch of a button.
3. Find the gap in the fence
Tasking relevant departments with identifying the weak links in the security fence is where real change is affected. The ultimate aim here is to leave your organisation in a stronger position that it started.
It isn’t uncommon to face internal pressure at this time to fast track the process, and return to business as usual at the earliest possible date. However, effective recovery can’t be rushed. Unless these flaws are addressed, your board is simply inviting repeat attacks, and soon.
4. Survey the damage
Upon triaging these digital would, it’s time to take stock and ascertain the severity of the breach. Was customer or employee data accessed? Copied? Stolen? What about sensitive information, data, or intellectual property?
Looking at it from this point of view, you’ll be able to identify whether this was simply the work of ‘Hacktivist’ hobbyist groups, or a legitimate attempt to siphon valuable data from your business.
Internal departments should be able to quickly and easily audit all internal files, folders, and other data for suspicious activity. More importantly, any affected files can then be restored from cloud backups or replicas, as outlined in your disaster recovery plan.
5. Notify those affected
In the aftermath of many of the 21st century’s largest security breaches, the silence has been deafening. Many corporations embrace a softly softly approach, which sees them talking in circles and spinning PR until the truth inevitably surfaces. In this context, recovery becomes that much more difficult.
The truth of the matter is that yes, you’re likely to face bad press post-security breach. However the long-lasting impact of a lack of transparency with press, customers, or clients, can further place your name in poor standing.
As far as is reasonable according to internal policies or country-specific laws, honesty is always the best policy. Many countries actually enact harsh consequences for non-disclosure.
Under the General Data Protection Regulation (GDPR), for example, you are required to “…report certain types of personal data breach to the relevant supervisory authority. You must do this within 72 hours of becoming aware of the breach, where feasible.“
An open, honest recovery is the only path to rebuilding trust in the court of public opinion. For most customers or clients, the next best thing to an organisation that’s free of issues is one that it aware of, and proactively working to solve, them when they arise.
6. Prepare for the next one
At the time it will be difficult for your board to see a data breach as anything other than a hassle, but it’s also a learning opportunity if approached in the right manner. Theoretical planning will only get you so far, but being able to work through – and recover from – a real worth security breach enables you to identify gaps in your board’s policies, procedures, and IT infrastructure.
More importantly, you can look back over how the breach was handled, how it was received, and further modify your response so that you can minimise downtime, close vulnerabilities, and keep clients better informed when – not if – there is a next time.
Secure your files with Stellar Library
Salvaging lost files, data, or sensitive information in the wake of a breach can be a headache, as can reviewing just who has access to what files, and where. Stellar Library’s board management software makes it simple, offering a secure cloud-based environment where files are kept behind digital lock-and-key by administrators who can alter permissions on the fly with the touch of a button.
Sticking the landing and saving face may be difficult, but it doesn’t have to be impossible. With Stellar Library helping you securely store, share, and send your files, you’ll be better situated to recover from a breach with your files, data, and reputation intact.
How leaving the costs of paperwork and postage stamps behind is a lot easier than it looks.
In workplaces around the world, the digital revolution is well underway.
With that said, breaking headlines about data breaches and cyber security risks have left many councils, businesses, and board members holding on to hard copies, or jotting down notes by hand instead of working with digital documents or foreign concepts like ‘The Cloud’.
While fear may stoke these anti-digital fires, the facts, stats, and security figures are fast stacking up – rather than the paperwork! – in favour of digitally managing and distributing documents.
Whether you’re an accounting firm sending sensitive financial reports to clients, managing a committee, or an enterprise tracking board meetings and minutes, you’re likely well aware that decades long document management processes are buckling under the pressure in the same way desks are creaking under the weight of all those documents.
Transitioning away from a reliance on paper or insecure digital channels can be a boon for business. Thankfully doing so and embracing the security, productivity, and workflow of a cloud based environment has never been easier.
Digital Document Distribution? It’s a sensible solution…
Before we get into the ‘How?’, let’s take a moment to examine the ‘Why?’.
The benefits of moving from an unmanaged to a managed, digital document environment include:
- Slash paperwork and running costs
Physical documents all stack up. As do the costs! Transitioning away from traditional methods of working on – and sharing – documents saves both time and money by slashing annual outlay for on- and off-site storage, ink, toner, paper, and postage.
- Store, share, and send securely
Every business’s tentative steps into the digital world are also often their last, leaving them juggling an insecure, slow, and inherently costly mix of standard delivery methods (snail mail and couriers) as well as easy – and easily compromised – online channels like email.
- Do more, in less time
Most business is conducted online these days, so why should paperwork be any different? Something as simple as converting physical documents into a digital format, for example, can cost valuable time. Embracing the benefits of electronic document distribution can improve workflow, streamline processes, and boost overall productivity.
These 7 tips make it easy to transform the way you deal with documents, digitally
1. Audit processes, data, and documents
How are documents currently shared? Stored? Or kept secure?…or not, as the case may be?
Assessing your internal practices, policies, and processes around the creation, storage, and sharing of documents is a critical first step in determining both the size and scale of the task at hand, as well as how best to kick-start the transition to a wholly digital working environment.
2. Bring employees up to speed
Paper-based processes become well-entrenched over time, so you’ll need to account for lead time for training and bringing employees up to speed, as well as equipping them with compliant laptops, phones, and tablets.
In the case of Stellar, setup is simple and takes just minutes with no IT setup or in-depth training required. In fact, it works like any other app: simply download to iOS, Android, or Windows device…and you’re away.
3. Get clients on-board
Depending on the sector, clients may or may not be hesitant to transition to a digital environment. Clients within the legal or financial sector, for example, may hold reservations around compliance and security issues, so set out to highlight that going digital actually provides much greater oversight, control, and security which improves your ability to retain complete oversight and ensure compliance.
4. Start digitally signing documents
Fewer and fewer people carry a pen these days, yet many businesses still require physical signatures for the likes of NDAs. While it may be a small step, cutting out the time required to send, print, scan, and then return signed documents as part of a paper-driven process can quickly add up.
5. Maximise the use of templates
Transitioning to a digital environment can take time, but the ability to create, edit, and re-use digital templates that can then be shared and customised on the fly saves time and countless photocopies.
6. Reduce the reliance on paper
New habits take time to learn, so removing or discouraging the ability to fall back on familiar paper-based habits by decreasing the number of printers or stationery supplies is an easy way to curb the costs of printing and encourage the use of digital documents, instead.
7. Embrace digital document distribution software like Stellar
Software has become a mainstay in the business world. Mobile apps are used for stock-take in stores, for example, while accountants rely on Xero and other software in order to make their lives easier. So…why not paperwork, too?
Software such as Stellar Library makes the transition to a paperless workplace completely seamless, supplementing existing services you’re likely already using such as Dropbox or Drive with increased oversight and much more granular levels of control only available in a cloud-based software package designed from the ground up to securely store and distribute your documents.
The transition is seamless with Stellar Library
Whether you need to deliver sensitive data to sales people out on the road, or to staff and clients across the city, country, or across international borders, Stellar Library cuts out the costs – and downtime – of dealing with physical documents and makes it easy to create, store, and share anytime, anywhere, on any device.
By embracing digital document distribution software like Stellar, you’ll ensure the right people are receiving the right information while maintaining complete control over your sensitive data.
Why hitting ‘Send’ on that next email may not be as straightforward as it seems.
Email has fast become the de facto form of communication for most organisations in the digital era.
It’s highly familiar, cost effective, and above all else, it’s simple. In mere seconds, you can draft an email to board members anywhere, at any time. In this context, there’s little wonder the average office worker keeps members abreast of important information by sending some 40+ emails per day.
But this convenience comes at a cost. As reported by Avatier, the simplicity of sending an email belies a communication channel that’s inherently insecure, with some 6,789 reported email data breaches globally in the space of just two years
In order to meet compliance and regulatory standards, boardrooms, council chambers, and accountancy firms are in desperate need of a way to prepare and distribute board minutes, memos, agendas, committee papers, and other sensitive data away from emails.
Not doing so could prove costly in more ways than one…
Email – A necessary evil in the early digital era
When the digital revolution first took the boardroom by storm, it promised a connected future that would drive productivity, boost workflow, and cut costs.
The rise of internet connected devices and mobile coverage now meant employees could work anywhere, anytime, sales teams could stay informed while on-the-go, and overheads could be slashed as boardrooms went paperless.
In reality, the adoption of digital channels has been slow, forcing organisations to embrace insecure, stop-gap solutions while processes and IT departments have struggled to keep up with the pace of change.
Many of which are likely still found in your boardroom today.
In a world where personal data is now worth more on the black market than credit card details, security isn’t just an added bonus, it’s a must. And it’s your board’s responsibility to ensure it sits at the top of the priority list, where it belongs.
The security stats? They’re sobering…
Before we dive deeper, let’s take a moment to examine the true scale of the risk posed by email.
- In 2004, AOL lost upwards of $400,000 following an internal data breach which saw the details of some 92 million AOL accounts sold to spammers by one of the company’s former software engineers.
- Yahoo’s $4.8 Billion sale to Verizon almost fell through in 2016, after the company revealed all 3 Billion of its users’ accounts were breached across 2013 and 2014.
- Back in 2017, 2.2 million Wishbone user email addresses were exposed.
- In that same year, 36,000 Boeing employees’ email addresses as well as personal information were compromised after a staff member emailed the file to their spouse for help with formatting.
5 Security concerns that will have your board reconsidering composing that next email
#1 – It’s inherently insecure and easily intercepted
Whether they’re run internally, hosted privately, or a public service like Gmail, emails are vulnerable to a range of attacks that put your seemingly private conversations at risk of being read by third parties. DNS Redirects and Sniffers, not to mention certain viruses, are just a few of the threats that can work their way through various servers and to your sensitive information.
#2 – Encryption isn’t as secure as you might think
Most organisations rely on encryption to ensure their emails are kept safe and secure. Encryption protects data by scrambling an email’s contents, so that only the recipient – with the requisite authentication – can see, read, and download.
That said, encryption is far from foolproof. In fact, the false sense of security it grants can leave many vulnerable to attack. Depending on your investment in security, encrypted emails can always be cracked open.
#3 – Human error can’t be accounted for
The focus always falls to high level security risks, but it’s often the mundane ones that can prove to be an organisation’s undoing. As hard as security staff may try, employees are far from infallible, with fat fingers resulting in unintentional forwards or typos sending sensitive data to just about anyone in their address book.
Rationalised noncompliance is another human hazard to your business and its sensitive information. Surveys have shown that almost two thirds of employees have reported that they regularly use personal technology such as phones and laptops for work purposes, or forward sensitive files to their own personal accounts to be worked on later.
In fact, a survey from Balabit highlighted that some 69% of employees are willing to bypass security and privacy policies purely out of convenience.
#4 – Email servers are prone to attack
Emails pass through many hands on their journey from sender to recipient, often seeing them stored in the cloud – or on servers – which themselves are at risk of malicious attacks able to gain access to this information long before anyone is aware there’s been a breach.
#5 – Files sit on the sender & recipient’s device
One an email is sent, it’s stored in your Outbox and the recipient’s Inbox. That’s why laptops, mobile devices, or just about any piece of technology left on – and logged in – is an easy ingress point for anyone looking to access this information, from partners and family members to disgruntled co-workers or rogue employees.
Say sayonara to insecure communication channels with Stellar Library
With all of this bad news, it’s tempting to shun the digital future and revert back to the ‘good old days’ where paper documents were printed, posted, and held in the hand.
But reactionary decision making such as this is shortsighted. Just because a system did work, doesn’t necessarily make it more secure. Take printed documents. These can easily fall into the wrong hands, be misplaced, or lost in transit, let alone the overhead of printing, managing, and storing all of this paperwork.
Stellar Library’s electronic document distribution software has been specially designed to enable enterprises to embrace the digital future, sans the ‘insecure’ moniker. Unlike email, files aren’t stored on the recipient’s device, and are instead controlled by administrators who can change read, edit, and even printing permissions on any document with just the touch of a button.
While your business may not be able to rewrite email’s shaky history, document management software like Stellar ensures you can write your future – out of the ‘Hacked!’ headlines – and avoid being just another statistic in a long line of security breaches.
How document management software like Stellar can help your business securely share sensitive data while saving thousands
Stellar Library is a tool that was developed to securely manage and distribute sensitive data and information, with an initial focus on boardroom documents and paperless board meetings where confidentiality and security are vital, and for use in the distribution of sales information to the mobile devices of salespeople on the road.
But the power and flexibility of Stellar lends itself to any application where security and control of sensitive data is a pre-requisite.
One such use is in the arcane areas of Data Rooms.
What are Virtual Data Rooms?
Data rooms are spaces used for managing data, usually of a secure or privileged nature. While they can be physical spaces, what we are talking about here are virtual data rooms. These can be used for a variety of purposes, including data storage, document exchange, file sharing, financial transactions, legal transactions, and more.
The most common use of data rooms is in commercial transactions such as mergers and acquisitions, where sensitive commercial information can be made available to interested parties in a controlled manner with full tracking of access and use of the data.
This controlled access is particularly important when transactions get to the point of due diligence where sensitive details of the target company have to be revealed.
A virtual data room is essentially a website that uses a secure log-on with limited, controlled access. As discussed above, secure access to information is often required by legal, accounting, investment banking and private equity companies performing mergers and acquisitions, fundraising, insolvency, corporate restructuring, and joint ventures including bio-technology and tender processes.
Using a Data Room Tool to share securely? It makes a lot of ‘cents’
The Stellar Data Room (SDRT) Tool provides the type of secure system needed to electronically distribute sensitive documents and manage access to them at a much cheaper price and without the extra, seldom-used features available in high-end systems. This can mean savings of tens of thousands of dollars when compared to “industrial strength” data room solutions. Other advantages include:
Securing sensitive data is easy with Stellar
The SDRT retains all the usual Stellar Library advantages of ease of setup and use, with the client apps for specific devices available on Apple, Microsoft and Android App Stores.