New digital tools are reshaping the way governance is managed and handled, thanks to the technological acceleration brought about by the pandemic. The use of digital tools in board management is a trend that has been gaining momentum for some time now, with many companies choosing to leverage technology to improve their decision-making processes and overall effectiveness.
This means that the digital channel is no longer just a place to access information, but also a place where decisions are made. As such, it must be considered an integrated part of the governance system. Hence the development of a new generation of tools for board management that allow access to all information in one place, based on the latest technology and with a strong emphasis on security.
Protecting consumers and businesses from cyber-attacks is one of the European Commission’s top priorities. Their proposal for a new Cyber Resilience Act aims to protect consumers and businesses from products with inadequate security features by introducing mandatory cybersecurity requirements for products with digital elements, throughout their entire lifecycle.
In corporate governance, cybersecurity is focused on securing data management and protecting identities. Data is a value-generating asset, but it is also a company’s most valuable security risk. This risk is mitigated by anticipating (and by simulating) internal and external attacks and by developing robust recovery plans; the right cloud partner is also a must have. Identities and their ability to make decisions, i.e. sign or vote, should be protected by asymmetric cryptography embedded in hardware secure modules (specific hardwares hiding secret keys yet letting legitimate individuals use them).
Data management and identity protection strategies are necessary to ensure legal compliance and long-term profitability, but they are not sufficient. Organizations that want to implement new technologies dedicated to governance management should also make sure they will be able to perform a proper “track and trace” of their workflows, a.k.a. the audit trail.
At BoardiGO, we are doing just that. Our customers save time and are more compliant in the most secure environment. We help companies make the best out of their governance.
This brand voice was first published in the VC Guide 2022