On Tuesday 10th March 2015, ACG Holland members and guests gathered at the Symphony building on the Zuidas to meet the data experts and exchange views and experiences on the security of information in M&A. The presenters were Luc Gimbrère - Virtual Vaults, Jeroen Kruithoff - Dataroom Services, Thomas de Weerd - Houthoff Buruma and Paul Waszink - Nautadutilh.
The event, which was kindly sponsored by DataroomServices, saw a lively discussion touching many practical issues. Before during and after a deal for example, confidential information is shared between buyer, seller and the many advisors. Everyone involved signs a Non-Disclosure Agreement but how diligently are the different parties adhering to the rules? During the deal the consesus is yes but once closed is everyone automatically deleting all related files? Advisors for instance like to keep a record of what was done and said during an assignment...it makes sense...but it is in conflict with the conditions of many NDAs.
Discussions moved to the importance of data protection for while you can insure yourself against cyber risks, you can't insure your reputation and the impact for companies and individuals can be catastrophic. It is therefore critical to not only have a data protection plan, but to regularly check and act on it.
The presenters opened our eyes to the security risks of google drive and drop box where the company small print essentially says they offer no guarantees of security and can use your data and share with whom they like. If there was anyone not understanding the need for using a professional data room...the afternoon's presentations put paid to that.
This was a nice bridge to a look at the intuitive technical options available to support companies with secure, always accessible data and Luc walked us through the range of innovative Microsoft solutions that his company develop.