The COVID-19 pandemic and the digital transformation have accelerated the adoption of electronic signature technology in large and small enterprises.
The adoption of electronic signature technology can be a big change for businesses, especially small and medium-sized ones. However, many companies are still skeptical because they believe that e-signature software can expose them to fraud and other forms of fraud. crimes at cyberspace.
What should businesses look for when switching to online signature software?
Why online signature software can be more secure from the classic signature
Cynch Security co-founder and CEO Susie Jones says there are risks when using any technology.
"When it comes to an electronic signature, the risks are not much different from the classic ones risks have always existed with signatures, ”says Jones, whose company specializes in cybersecurity risk management for small and medium-sized enterprises.
"The biggest danger is counterfeiting. As with traditional signatures, forgery and identity theft is the real danger. The difference with signature software is that if you use trusted software that uses encryption, you protect your password and use authentication multi-factor, I would say that the risk of forgery is actually much lower than the classic signature. "
Professor Matthew Warren, Director of the University Center for Research and Innovation RMIT, says that electronic signature software offers much more protection to users from ink and paper. In addition, he says that the signature software helps them businesses, so they can record and track documents more easily.
Legally, electronic signatures have become very popular in recent years. Andrew Hii, an associate of law firm Gilbert + Tobin, says the increased understanding of advantages provided by electronic signatures assisted in enhancement of their popularity.
4 critical factors
There are many reliable electronic signature software platforms. Investing in such a system is important for a business but it is certainly not the only option, says Hii.
"You do not need to use an online signature platform for your signature," he says. "Copying an image of your signature is just as effective from a legal point of view."
“In terms of risk, you should make sure that you share a signed copy of the document that cannot be passed through processing (eg PDF and not Word). "Obviously, these practices lack some of the protections that an electronic signature platform provides."
Warren, Jones, and Hii say that the four key factors to consider when choosing an online signature software platform are encryption, multi-factor authentication, data control and storage.
The software should also record all interactions in the document, so there will be a track record of who signed up and who signed what, they say. Once a document has been signed, the document should remain accessible only to the parties.
The continuing effects of the COVID-19 pandemic almost guarantee that the use of electronic signature software will increase as the from distance trading will become the rule.
Choosing the right online signature platform for your business will give you the assurance that documents have been signed by the right people and have not been forged for other fraudulent activities.
Source of information: intheblack.com