In the legal industry, protecting confidential and sensitive information is paramount. As legal processes become increasingly digitised, ensuring robust cybersecurity measures are more critical than ever. Electronic signatures, or e-signatures, have emerged as a popular solution for streamlining legal transactions and improving efficiency. In fact, 64% of industry professionals currently use e-signing technology in their business. With this prevalence, it begs the question: How can we ensure cybersecurity with e-signatures?
E-signing vs. traditional signatures
Security
When it comes to security, e-signatures have a clear advantage over traditional signatures. A recent report has revealed 83% of current e-signature users and 71% of e-signature non-users agree that increased security is the most beneficial aspect of e-signing technology. Modern e-signature solutions are designed to meet rigorous security standards, providing firms with peace of mind when it comes to protecting sensitive information.
Emanuel Oros, a partner at Sparke Helmore Lawyers, says, "E-signing technology has advanced a great deal over the years to the point where the legal community now accept it as the norm in getting documents signed efficiently and securely." Oros is an early adopter of e-signing technology and has seen its growth over the years. He encourages the incorporation of e-signatures into multiple fields across the industry, saying, "There is no longer an area of law that we don’t utilise the overwhelming benefits of being able to have a document safely and securely e-signed by parties no matter where they are located in the world." Oros concludes, "This is single handily one of the biggest technological steps forward in the legal sector."
SignIT, powered by DocuSign, is one such e-signing solution that subscribes to high security standards. Documents are sent to parties via secure email link and the solution uses SMS verification to ensure a secure experience.
Authentication and fraud protection
Another aspect of e-signatures that contributes to their security over traditional signing, is that they are significantly harder to forge than ink and paper signatures. This is because they automatically create an electronic record of activity that can be accessed if an audit is needed. SignIT is tracked by the latest technology with a DocuSign audit trail report that is provided post transaction. Further, by enhancing the e-signature process with features like identity verification, firms can ensure that their e-signature process is secure.
Other benefits of e-signatures
Cost and time savings
E-signature technology is not only secure, but it also offers cost and time savings. Most e-signature users have been using the technology for less than two years and are already reporting positive impacts on their bottom line. Research from DocuSign shows that e-signatures save an average of $36 per document by reducing costs and improving employee productivity. The simplified electronic workflow means that there is no need to print, compare, sign, and scan physical copies of any documents. Additionally, e-signatures integrate with other business tools, making it easy to streamline workflows.
Easy integration and user-friendly
Another advantage of e-signature solutions is their easy integration into existing business processes. With a user-friendly interface, firms can quickly adopt e-signatures without disrupting their current workflows. Even professionals who are used to manual signatures can easily transition to e-signatures. Research shows that majority (61%) believe e-signatures can be completed at least as quickly.
Overall, e-signatures are a valuable tool for firms seeking to enhance their cybersecurity. With increased security, enhanced authentication and fraud protection, cost and time savings, easy integration, and a user-friendly interface, e-signatures offer numerous benefits. SignIT is a leading e-signature solution that provides firms with a secure and efficient way to sign documents, while also improving overall cybersecurity measures.
