Cyber security is widely thought to be one of the biggest risks facing boardrooms. Yet while malicious attacks and theft of information, such as those which hit TalkTalk in November 2016 or Bart’s Health NHS Trust in January of this year, are the breaches which make the headlines, external attacks such as these could be the least of board members’ worries.
What are the major risks around cyber security?
A 2016 report by US law firm BakerHostetler found that human error was a major cause of cyber security breaches. This category includes everything from people losing confidential documents or leaving them in public areas, through to simple technical mistakes such as sending an email to the wrong address. With such a myriad of possible mistakes to be made in the containment of important information, it’s no wonder some board members lose sleep over cyber security and the risk of human error.
Some of the most important information an organisation produces is its board information. The process of producing, collating and distributing this information to board members contains countless steps and email is often the primary means by which drafts, re-drafts and finished documents are conveyed. Each and every stage exposes organisations to the risk of human error – carefully thought-out processes and market-leading cyber security systems could be bamboozled by a single miss-sent email.
How can these risks be addressed?
An easy way to mitigate the risks posed by human error is to automate the board reporting process with a secure board portal. Digitalising the process will take paper and a large percentage of the associated emails out of the equation, removing the opportunity for lost documents and documents sent to the wrong addressee.
And board portals don’t stop there. A really good board portal will feature other cyber risk-mitigating features, including the option to remote wipe a missing device, 24/7 support from the supplier to facilitate password resets, granular control over authentication and access rights, and end-to-end encryption.
Why should I go digital now?
In a constantly shifting and increasingly risky cyber world, at a time when only five per cent of FTSE 100 groups have cyber risk directors on their boards, introducing a board portal is a cost- and time-effective ‘quick win’ to enhance cyber security.
In recognition of this, we’re offering free trials of our own board portal, to help organisations experience its benefits and safety features for themselves. To see the Board Intelligence Board Portal in action, book a demo.