The global average cost of a data breach has soared to 4.88 million dollars in 2024. It is up 10% from last year and the highest ever recorded. With such staggering numbers, business teams start rethinking their security strategies and choosing more reliable solutions to protect sensitive information. Are you one of them?
If so, we invite you to explore the top solution for secure data storage: board portals! With this tool, you can effortlessly manage your documents, collaborate safely with your team, and protect your sensitive information with complex storage protection features. Read on to learn more!
What is a board portal?
It is a secure document repository software that streamlines board management and governance by centralizing all relevant documents and communication tools. Built with high-level security, it offers directors, executives, and governance professionals a single access point for storing, accessing, and collaborating on critical board documents.
Who uses board portals?
Commonly, these are board members, company secretaries, corporate executives, legal counsels, and compliance officers.
What do businesses use the software for?
Teams employ the platform to improve efficiency and accessibility for board-related documents, enable real-time document updates, and ensure secure file-sharing and collaboration.
The software has become increasingly used across industries as organizations recognize the need for secure and centralized document management for board-related activities.
Board Management Software Market Size, Share & Trends
If you are in the market for document storage now, we invite you to explore board portals and their benefits over other tools!
What are the five reasons to choose board room software for secure document storage?
Here are the top benefits you get by choosing a board of directors software:
1. Bank-grade data security
The software employs cutting-edge data protection measures to safeguard sensitive information. The key features include the following:
- End-to-end encryption. Board portals encrypt data in transit and at rest to make it unreadable for unauthorized parties.
- Multi-factor authentication. All users should verify their identity through multiple methods when logging in, significantly reducing the risk of unauthorized access.
- Granular access controls. Administrators can set specific permissions for different users or groups, allowing you to control who can view, edit, or share documents.
- Isolated data storage. Secure board software providers isolate each user’s data from the rest to separate your documents from other users, minimizing the risk of exposure.
- Amazon Web Services infrastructure. AWS offers high redundancy, scalability, and compliance with industry standards, ensuring the utmost safety of your documents.
Who benefits most?
- Finance and banking secures client data, meets strict compliance
- Healthcare protects patient data, stays HIPAA-compliant
- Legal protects confidential client data, maintains trust
- Government prevents unauthorized access to sensitive data
Granular access management
👁️🗨️A 2023 survey of Chief Information Security Officers globally found that careless users are responsible for 70% of sensitive data loss in organizations. Additionally, 48.1% of respondents reported that compromised systems led to breaches. At the same time, approximately 20% attributed their incidents to malicious actions by employees or contractors.
2. Centralized document management
Board management software simplifies data storage and retrieval by providing a single, well-organized repository for all critical files. The key features include the following:
- Easy document retrieval. Advanced search capabilities and tagging systems allow users to quickly locate the documents they need without sifting through multiple locations.
- Drag-and-drop functionality. Users can effortlessly upload documents by dragging and dropping files into the platform, making the process intuitive and efficient.
- Support for multiple file formats. The software accommodates various formats, ensuring you can store and access documents, presentations, spreadsheets, and more without compatibility issues.
- Version control. The software automatically tracks document revisions so that the latest version is always accessible, reducing the likelihood of errors from using outdated files.
Who benefits most?
- Corporate boards have quick data access for faster decisions
- Education and nonprofits streamline grant and report management
- Manufacturing and tech keep R&D and designs up-to-date
3. Detailed audit trails and compliance
With rigorous audit trails, board portal software ensures transparency and accountability in document management. The key features include the following:
- Detailed activity logs. Boardroom administrators track who accesses or modifies documents, when changes occur, and what actions are taken.
- Regulatory compliance support. Since many industries have stringent regulations regarding data handling, board software helps organizations comply with these requirements operating under SOC2, SOC3, ISO27001, GDPR, and HIPAA.
- Customizable reporting tools. Users can generate tailored reports based on specific criteria to get insights into user activity. For example, a board administrator might create a report that details all document access over the past month.
Who benefits most?
- Finance and insurance track compliance and manage risks
- Healthcare and pharma comply with HIPAA and GDPR and secure records
- Energy and utilities simplify regulatory audits
Activity log
4. Effective collaboration
Board portal solutions foster effective collaboration while maintaining document security. The key features include the following:
- Real-time editing and comments. Team members can add comments and make edits in real time to keep everyone aligned without the need for email exchanges.
- Secure document sharing. Board meeting software enables easy file-sharing with internal and external stakeholders by allowing users to set expiration dates on shared links or limit access to view-only to protect sensitive data.
- Integrated communication tools. The platform includes built-in messaging and chat features that enable instant communication and decision-making.
Who benefits most?
- Corporate boards have real-time updates for timely decisions
- Consulting and professional services get a space for easy client-team collaboration
- Education ensures the secure sharing of student records
5. Cost-efficiency
Boardroom software integration can help companies achieve significant cost savings in the following ways:
- Reduced physical storage costs. Organizations can save on physical storage costs by transitioning to a digital solution, such as renting office space.
- Minimized risk of data breaches. Boardroom software significantly mitigates the risks of data breaches, including potential legal fees, regulatory fines, and reputational damage.
- Better productivity. Boardroom software enables teams to work more efficiently by reducing the time spent on administrative tasks and allowing employees to focus on higher-value activities.
Who benefits most?
- Real estate and law save on storage and reduce office costs
- SMEs boost team productivity
- Large corps reduce admin costs and focus on growth
Final thoughts
A board portal platform offers a feature-rich solution for secure document storage, regulatory compliance support, collaborative tools, and cost-efficiency. All this makes it an excellent choice for organizations seeking to improve data protection and simplify board operations.
So, choose your software and position your organization for future success!