Modern security for modern contracts
How has digital security evolved in the modern world
For as long as legal documents and contracts have existed, parties have needed ways to store and verify confidential information. From ancient seals to cursive signatures, the way we securely hold and authenticate data is always changing.
Since digital document management systems first hit offices back in the 1980s, businesses and law firms have relied on a mixture of internal data systems and old-fashioned paper copies to keep their legally binding documents secure and available to access.
In the face of modern hybrid working, however, internal and paper systems have one glaring issue: they're tied down to a physical location. Needing to travel to a specific place to view a document in 2021 restricts your team’s flexibility, and in the post-COVID-19 workplace, companies are embracing digital transformation. How can you prevent your departments that rely on contracts – including legal, HR, sales, and procurement – from being left behind?
The challenges of keeping digital documents safe
All departments need to have confidence in the validity of their documents, but none more so than those who deal in legal work, HR, and contract management. This is perhaps why paper-based approaches – inscribed with clear and legally binding signatures – have held on so long in the increasingly-digital world.
The possibility that sensitive digital documents could be hacked or compromised – particularly with the significant rise in cyber-attacks during the pandemic – means many are wary about opening up their legal documents for remote workers. Malware attacks increased by 385% during the COVID-19 pandemic as organisations scrambled to enable remote-working, so it’s more important than ever to make sure you choose the right digital security solution.
DocuSign’s cloud-backed eSignature provides a more secure way of working than traditional paper-based storage, while also promoting flexibility. Digital verification thwarts would-be cyber criminals while simplifying workflows, cutting costs by eliminating printing, centralising technical support, and freeing up your team’s time. Eighty percent of DocuSign agreements are completed within a day, and 44% are finalised within 15 minutes of being sent. With 90% of companies still preparing their agreements manually, there’s a lot of time and money that could be saved.
How the law is changing to improve digital security
In a move that should provide some reassurance to legal professionals, the way we handle data is being driven by changes enshrined in EU and British law. The 2018 implementation of GDPR set new standards for how personal data needs to be stored and accessed.
By their nature, contractual documents are full of personal information – from names and addresses to more confidential data that could have damaging consequences if leaked. When businesses handle data, they need to ensure their solutions are not only tried and tested, but secure.
And with fines of up to 30 million euros or 4% of global turnover for breaching either regulation, the consequences of not complying are severe. Teams need to choose a trusted digital security solution that is secure enough to keep valuable customer data safe at all times.
So how can digital tools protect your data, clients, and organisations?
In the hybrid working age, the cloud approach gives professionals the opportunity to work from almost anywhere in the world and still access sensitive information securely. This quashes one of the biggest fears of anyone who works with valuable data: the possibility of misplacing the physical copy. It also means that professionals can use e-signature services to verify their legal documents from the comfort of their home office, giving them confidence to adopt a hybrid working approach long-term.
Today, over a million customers around the globe rely on DocuSign to safeguard their critical transactions, and we’re committed to maintaining and strengthening the secure environment they’ve come to trust. Our solution helps support your compliance efforts with GDPR. This way, customers can handle personal data wherever they’re working. We’ve helped companies in over 180 countries verify more than 1 billion agreements so far – with a proven track record of 99.99% uptime.
DocuSign delivers an integrated solution that incorporates third-party solutions for departments that handle sensitive data, including iManage, NetDocuments, and Doxly. Legal and contract management professionals can quickly create and send digital documents with the tools you already use – while enabling them to work securely from anywhere in the world. With 68% of major business departments already using e-signatures internally, now is the time to build on the momentum and integrate the cloud into all agreements.
Our platform delivers the strongest data encryption technologies available, and we have partnered with Litify, Counself, and Virtual Law Direct to ensure maximum compliance, while meeting some of the most stringent US, EU, UK, and global security standards.
39% of organisations waste resources on manual contract processes each month. Embrace the cloud and realise the cost savings now – learn more in our eBook.