What You Should Know Before Selecting Your VDR Provider?

Identify the priority risks for your business. Bring in a cybersecurity company if needed. Check what you should know before selecting your data room provider in the article below.

Resolve the Main Security Issues with the Best Data Room Software

Many data security platforms are only available as SaaS (software as a service) solutions. However, full cloud solutions are not suitable for all organizations – many prefer a hybrid multi-cloud architecture, which is highly flexible. With many organizations still using predominantly on-premise applications, a security platform that supports not only on-premises but also public or private cloud can be helpful. Data protection is designed to prevent failures that could compromise data or disrupt business practices. The main issues include:

  • failure of the storage device or storage system;
  • data corruption;
  • data center failure.

Public cloud services do not support DRM technologies and also do not have advanced control over the rights to work with documents, especially on remote machines – at best, they allow you to set a ban on downloading and printing. One of the key features of the virtual data room is the maintenance of a detailed event log. It allows you to understand in detail who, when, and from where accessed documents – such details are usually not stored in the logs of public services.

By integrating all levels of security with the virtual data rooms, you gain the ability to analyze risk, get insights about risk, and take actionable steps to mitigate the different types of risk your organization is exposed to. If a threat is detected, security analysts can determine its type and source, find out if attackers gained access to the system, detect the entry point, track the further movement of the threat through the organization and what actions were taken – all these capabilities are provided by a single console.

The VDR policy establishes the procedure for processing personal data by the company, the types of personal data collected, the purpose of using such personal data, the company’s interaction with third parties, security measures for the protection of personal data, conditions for accessing personal data, as well as contact information for the user to obtain access, making changes, blocking or deleting your personal data and addressing any questions the user may have regarding personal data protection practices.

How to Select the Virtual Data Room Provider?

The dataroom providers provide executives with a single platform that allows them to view reports at both a technical and more general level. To select the most reliable data room provider, pay attention to the following issues:

  • Centralized enterprise key management.
  • Enterprise key management.
  • Unparalleled integration partner system.
  • Key management across multiple clouds.
  • Transparent data encryption and key management.

The tools of network protection include current auditing events, two-factor authorization, and authentication. Multi-factor authentication is a multi-level verification of the authenticity of the user’s identity. Two or more test methods can be applied simultaneously.

You also need to pay attention to the convenience and speed of deployment of the solution. A setup that takes several hours or days and requires additional tools to operate will simply cause additional difficulties for IT administrators, creating new security risks. Therefore, it is worth choosing a solution that is easy to deploy and use without the need for special skills. Exceptions and easy system rollback can be applied if necessary.

Board Meeting Management Software for Increasing Productivity

Implementing the board software into corporate governance contributes to improving all internal corporate processes and achieving organizational flexibility of the company.

Board software: how to improve the work of collegial bodies?

The digital transformation of business has already affected most of the business processes of large companies, including how their leaders work. Most work issues can now be resolved from a smartphone or tablet, which is especially important for top managers who spend a lot of time on business trips. A rare process that is not yet fully automated is holding meetings and meetings at the highest level.

Board management software is a unique automated solution based on a robust digital platform that can provide the necessary functional set for preparing and holding meetings of the board of directors and relevant committees.

Following board management software overviews, the system allows you to organize:

  • board meeting planning;

  • control over the timing of the execution of decisions;

  • formation of minutes of meetings and other related documents following corporate standards;

  • storage and search of documents on corporate events;

  • obtaining analytical reporting on corporate governance.

What about the productivity of the boards?

The solution helps the company automate the process of preparing a board meeting, holding it, and summing up the results of this event. It also provides transparent control over the management of the organization. All responsible persons understand what item the order is and when it must be completed. Members of the board of directors of the enterprise (general director, financial director, etc.) have access to the system and can quickly receive information in electronic form about:

  • what issues are received;

  • which are included in the agenda; 

  • what decisions were made at the meeting;

  • what work is done on them is underway.

Coordination of the agenda with the Chairman of the board of directors also occurs electronically. After the Chairman receives the agenda and reviews the questions, he returns it with his comments and sets the final date for the meeting. Next, the secretary forms the definitive list of issues of the meeting, drafts decisions on them with materials, and then invite the participants. After the meeting is held and the agenda is adopted, the system creates a protocol. It contains information on all the issues that were identified, as well as data on the voting of members of the board of directors: “for,” “against,” “abstained,” who made what comments, etc. Also, if necessary, extracts from the protocol are prepared – based on one or more questions and decisions from the general protocol. Finally, the statement is registered and distributed as a separate document.

How to prepare assignments in a board software?

Based on the protocol, you can quickly prepare instructions in the board software. For example, if a task is set to form a budget at a meeting, the corresponding instructions can be automatically sent to all appointed executors. By automating the process, control over the execution of instructions is enhanced. If the company already has a module for managing organizational and administrative documentation, then the board software is integrated with it, and instructions to performers come in the usual format.

All members of the board of directors and other critical business figures receive prompt information about the agenda. They can track changes online and agree on the necessary documents. A specialized solution provides a streamlined business process for issuing and monitoring instructions following the results of a meeting of the board of directors. It is critically important for the activities of a modern joint-stock organization.