Board Portals Achieve Better Security For Directors
Technology adoption has always been a strength of North American credit unions as they have long been at the forefront of delivering better and more convenient service to their members. Credit unions typically have fewer branches and they tend to remain local, and while that’s changing thanks to a new trend toward credit union mergers, it’s nevertheless driven the early adoption of mobile banking. Mobile banking allows credit unions to reach their members wherever their members go, whenever their members need access to their financial institutions.
One of the reasons mobile app development was so important for credit unions was to provide better cyber security for their members. Some credit unions still need to catch up when it comes to bringing the same level of security to their board documents. Credit union boards regularly have to discuss lending opportunities and risks and those discussions just became a lot more rigorous, thanks to new rules implemented by Nation Credit Union Administration regarding business loans. Under the new rules, credit unions must adopt a principles-based methodology to govern their commercial lending activities, include what types of loans they will offer, how they will cap loan amounts, a formalized risk analysis system, and a risk management process.
When boards of directors discuss lending activities, they rely on sensitive and confidential financial information about potential borrowers. Not only does this information need to be completely secure from cybercriminals or malware for the organization to maintain its members’ trust and confidence, the security of this information is also federally regulated.
Email is not enough to meet regulatory standards regarding cybersecurity and the confidentiality of financial information. Even as consumers and organizations keep more and more of their information online and share it through email, regular news stories appear revealing how insecure the internet really is, especially email. If your organization is still using email as a way to electronically distribute board books or any confidential email, it’s asking for a data breach. That’s why so many credit union boards of directors have been investing in board portals like Aprio, an affordable, highly secure platform that’s proven popular with financial institutions, government agencies, non-profits, and public corporations alike.
A board portal is an efficient way to communicate with directors in-between meetings, distribute documents electronically and instantly, and improve director engagement. But one of its most important features is security and portals like Aprio offer top-notch security at an affordable price. Here are some of the security features offered:
- Security certifications such as ISO 27001 and SOC 2 tell you that the board portal software meets information management security standards set about by the International Organization of Standardization.
- Authentication at every step of the way; although directors are notified by email in real time with every update, they still have to log in when they access documents via a hyperlink.
- Remote wipe means that any lost or stolen device can have any sensitive board information remotely erased from it.
For more information on the perks and benefits of using board portal technology, visit Aprio.net and research the software or book a demo. There is no excuse for organizations that still rely on email to distribute confidential information. Stop a security breach before it happens and upgrade your board management software today.