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eSignature safety: are electronic signatures safe?

08/04/2023
5 min read
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    In an increasingly digital age, businesses and individuals rely on electronic signatures, also known as e-signatures or eSignatures, to streamline document signing processes. Electronic signatures offer convenience, efficiency, and cost-effectiveness. However, concerns about their security often arise. So, are they safe? Here we will delve into the safety of electronic signatures, explore their benefits over traditional wet signatures, discuss potential risks, highlight security and authentication measures to consider, and provide real-world examples of how eSignatures are being used today and how they will continue to benefit businesses tomorrow. 

     

    Electronic signatures: more secure than wet signatures 

    When implemented correctly, electronic signatures can be more secure than traditional wet signatures. Unlike wet signatures, eSignatures leave a digital footprint that is difficult to tamper with or forge. Advanced encryption algorithms ensure that the signature is uniquely linked to the signer, providing enhanced security and authenticity. Moreover, eSignature solutions often include additional security measures such as multi-factor authentication and audit trails, further bolstering their security. 

     

    What are the risks of using an eSignature? 

    While electronic signatures offer enhanced security, it is crucial to be aware of potential risks. Some risks associated with eSignatures include: 

    • Impersonation. If an eSignature solution lacks robust authentication measures, there is a risk of unauthorized individuals signing on behalf of someone else. 
    • Data breaches. Any system connected to the internet carries the risk of a data breach. eSignature platforms should employ strict security protocols to safeguard sensitive information. 
    • Legal compliance. Different regions and industries have varying regulations regarding the use of electronic signatures. Failing to comply with these regulations can have legal implications. 

     

    Security and authentication measures to look for in an eSignature solution 

    To ensure the safety of your electronic signatures, it is essential to choose an eSignature solution that implements robust security and authentication measures. Consider the following key features when evaluating eSignature platforms: 

    • Strong encryption. Look for solutions that utilize industry-standard encryption algorithms to protect the integrity and confidentiality of your documents. 
    • Multi-factor authentication. Implementing multi-factor authentication, such as SMS verification or biometric authentication, adds an extra layer of security by verifying the signer's identity. 
    • Audit trails and document tracking. An eSignature solution with comprehensive audit trails and document tracking capabilities enables you to monitor and verify the entire signing process, ensuring accountability and transparency. 
    • White label capabilities. A white label eSignature solution allows you to present a branded and professional signing experience to customers. And, with a white label eSignature solution, you’ll have greater control over the storage and handling of customer data. 

     

    How to verify signer identity 

    Verifying the identity of the signer is crucial for the integrity of an electronic signature. Reliable eSignature solutions employ various methods to ensure signer identity, including: 

    • Knowledge-based authentication. Asking the signer specific questions that only they would know the answers to, such as personal details or account information. 
    • Digital certificates. Using digital certificates issued by trusted authorities to verify the authenticity of the signer's identity. 
    • Biometric authentication. Utilizing biometric data to ensure the signer is physically present. 

     

    How eSignatures are being used today 

    Today, electronic signatures continue to revolutionize how businesses operate. Organizations across industries are adopting eSignatures to streamline workflows, improve efficiency, and enhance customer experiences. eSignatures are widespread throughout various departments and industries. Conga Sign, our eSignature solution, provides an efficient, secure, and cost-effective way for businesses to manage their contract workflows and ensure that all contracts are legally binding, and provide the best possible cohesive and trusted customer experience. Here are a few real-world examples:  

    • Healthcare industries. Conga has helped numerous companies integrate electronic signatures into their processes. For instance, healthcare providers can utilize Conga's eSignature solution to securely obtain patient consent forms, reducing paperwork and administrative burdens. 
    • Real estate transactions. Real estate agencies leverage e-signatures to facilitate remote property transactions, allowing buyers and sellers to sign legally binding contracts electronically. 
    • Financial services. Banks, credit unions, and other financial institutions implement e-signature solutions to streamline loan applications, account openings, and client onboarding processes, making it easier, faster, and safer for customers to complete paperwork. 

     

    The future of eSignature 

    While wet signatures may never completely go away, eSignatures will likely replace them for many if not most transactions. And, as other technology advances, such as in contracts, signatures will be seamlessly integrated with smart contracts, automating the signing process and ensuring compliance. Additionally, digital identity solutions could be leveraged to authenticate signers and link their signatures to their verified digital identities, further enhancing security and trust. 

    And, as technology continues to advance, signatures may rely on more sophisticated encryption algorithms and authentication methods. This could involve the use of quantum-resistant encryption, multi-factor authentication, or even emerging technologies such as zero-knowledge proofs or homomorphic encryption to provide an even higher level of security and privacy. 

     

    Choosing the right eSign solution 

    Electronic signatures offer a secure and efficient alternative to traditional wet signatures—if you go with the right provider. Today, a war on trust and integrity is taking place and as technology and the threat landscape continue to evolve, there is a growing concern that hackers will increasingly manipulate the integrity of digital agreements and their underlying artifacts, essentially the foundation of business and our capital markets. We’ve already seen this happen with the DocuSign phishing attacks. Tampering and alteration of the underlying contracts associated with high-value transactions, such as mortgages, loans, and insurance policies, are increasingly challenging the legitimacy of conducting business online.  

    At Conga, we know that when it comes to a digital agreements process, security paramount—and it’s more than just selecting which images in the grid have a bus in them. It’s more than multi-factor authentication or typing in a four-digit code. It’s about having assurance throughout the entire transaction. Security and trust must be woven throughout the transaction process. In a world of deep fakes and fake content, businesses are responsible for ensuring integrity and trust in their digital processes. When implemented with appropriate security measures, eSignatures can provide enhanced protection against fraud and forgery. By understanding the potential risks, and evaluating the security features of different eSignature solutions, individuals and organizations can confidently choose the right solution to benefit them and help prepare them for whatever the future holds.  

    That’s where Conga Sign comes in. We are proud to offer one of today’s safest solutions in digital signature and one that connects seamlessly with the systems you already use today—and those you may use in the future. 

     

    See the Conga Sign difference 

    Utilizing Conga Sign electronic signatures offers numerous safety and security advantages for businesses seeking to optimize their signature processes, including:  

    • Superior customer experience. Unlike DocuSign, Conga Sign allows organizations to completely customize their signing experience with their own branding (not ours) and emails are sent from their domain for a seamless, trusted, fully branded experience.   
    • Integration. Conga Sign provides fully supported SDKs and open APIs, ensuring seamless integration with core business applications.  
    • Enhanced compliance. Conga Sign adheres to the standards for simple, advanced, and qualified electronic signatures in countries with eSignature regulations. It also complies with various security standards such as ISO/IEC 27001, ISO/IEC 27017, ISO/IEC 27018, SOC2 Type II, HIPAA, and FedRAMP.  
    • Strong identity assurance. Conga Sign offers a wide range of identity verification and authentication options to ensure the authenticity of signers. 
    • Advanced security. The encryption provided by Conga Sign ensures the protection of users and electronic documents from fraudulent activities.  

     

    To learn more about having the compliance and security in place to instantly get the signatures you need with Conga Sign—start a free trial today.  

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