THE CONVOS BLOG

Since the Convos application was relaunched in April, we have frequently been asked about the security level of a group's data when using Convos.  While many groups have found that the unique email addresses and password protection within Convos provide sufficient security for their needs, we have been told by numerous potential users that tighter security is required before they would entrust their confidential data to  be filed in their allocated Convos file storage space.  We are constantly working to resolve issues and add new functions based upon what we hear from our clients.  So we are really pleased to announce that an option for full SSL Encryption for your group on Convos is now available.  With that option, the added security will be provided for your group's data at all times during any of your members interactions with Convos.  This valuable option is available for an additional $20/month for small and medium size groups regardless of the the number of members in the group.  For large groups, this feature is included at no additional charge.  

While this can be a valuable option for any group concerned about security, a great example would be how it can be used by company Boards of Directors and selected officers to access and share confidential data and board documents on-line.

Up to now, most companies provide important documentation to their board members either through expensive, overnight mail shipments (regular mail is not secure or timely enough) or email.  The email method is sometimes cumbersome when large files or multiple files are being transmitted.  In either case, these methods require the individual board members to file these documents at their homes or offices in a secure manner, requiring constant diligence to see that they have the most current versions available.  In some companies, especially ones that are involved in litigation, the directors are required to maintain files in their records for lengthy retention periods, even if the documents are no longer current.

In recent years, various firms have been offering a service to provide on-line access to director files and documents.  The companies offering this type of service include some of the larger public accounting firms and investment banks, who typically offer this as an additional service to their client companies.  Depending upon the options included in the service, these offerings vary in cost from expensive to very expensive.

Convos can provide a great, very inexpensive solution for the company board that wants secure, on-line access to all of their board related documents and files.  All an interested company has to do is establish a group on Convos whose members would be the company board of directors and those employees who are thought to have a need to access the files or administer the group.  Even in a large public company, the total number of members of this group is not likely to exceed 20-25 people.  With the Convos pricing plan, the monthly cost for this group would be $30 plus the optional security upgrade of $20/month.

The group administrator, usually a company employee, would be responsible for uploading the relevant documents and files to the group's secure file storage space, always ensuring that the documents available for viewing by the board are up-to-date.  Sub-groups can be created, at no additional cost, for various board committees so that audit related documents could be viewed by the Audit Committee members, compensation related documents could be viewed by the Compensation Committee members, etc.

With this in place, all board members can have immediate access to all relevant board materials, with the knowledge that they are reviewing the latest versions.   It eliminates the need for voluminous emails and personal file storage on the part of the individual directors.

Access to the group and the documents in the private file storage space is password protected and SSL encrypted.  

Of course, once the the company's board group is set up on Convos, it can also be used to take advantage of all of the other non-file related functions like group communications and event planning.