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Enterprise Security Magazine | Tuesday, November 02, 2021
E-Signature applications document the time, IP address, date, and unique user identification key of the signee, providing the documents with required legal validity.
FREMONT, CA: Business owners today are facing several restrictions in creating and signing contracts during the pandemic. Getting tamper-proof electronic agreements while ensuring the authenticity of remote signees is very challenging. There also are several associated risks while sharing electronic documents via the internet, such as identity theft, digital scams, fraudulent documenting. In 2020, the total cost of crimes related to fraudulence signatory was estimated at USD 42 billion. Cybercriminals target not only large multinational corporations but also SMEs.
Business typically uses several softwares or applications for creating digital documents and collecting signatures is a very fragmented process having multiple issues. Consequently, sending electronic agreements via unsecured means such as public email services or Messenger apps makes businesses vulnerable to cyber security risks that compromise their critical data. Every major business operation, whether closing a deal or onboarding a new employee, requires documentation, and securing them is critical for ensuring employee and customer data security. To avoid fraudulent signatures and unauthorized access to critical documents, businesses can employ e-signature softwares that enable them to swiftly and securely acquire necessary digital signatures.
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Companies can save nearly billions of dollars by employing e-signature solutions and replacing paper documents. In addition to enabling swift and efficient document verification, e-signature apps also enable companies to securely share their documents, keep track of the changes made, and prevent the documents from getting tampered with. Businesses can store their critical document and secure in the cloud, without having to worry about physical storages. Legal investigators commonly rely upon a person's handwriting for identifying and verifying the documents, but e-signature applications also document the time, IP address, date, and unique user identification key that was employed at the time of signing a particular document providing the document with required legal validity. Considering that traditional methods of collecting signatures are incredibly time-consuming and complicated, involving several people to print, sign, and witness signatures, e-signature solutions are captured with a click of a button and significantly improve the efficiency of the process at both ends. Since deforestation has become a pressing concern today, several organizations are also employing e-signature solutions to make their operations more environmentally friendly. e-Signatures not only streamline the process of signing any document and ensure safety and security, but they also greatly reduce administrative tasks and enable employees to focus on critical day-to-day activities.
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