As a business, knowing that information is secure is absolutely necessary for both a company and its clients. Here’s how to make sure contracts are included in that security.
First Things First: Is It in the Cloud?
First and foremost, contract security means ensuring an organization’s contracts are stored in the Cloud. This list assumes that’s a given—in today’s modern world, the Cloud has grown to be much more trusted and its security is akin to Fort Knox. With so many benefits to using the Cloud for all business processes, there’s no reason to continue to use manual processes and delay going digital. Paperless methods are imperative to ensuring efficiency and security. If there’s still any doubt as to the reasons for switching, download our Essential Guide to Moving Your Contracts to the Cloud.
Before the contract is even accessed, it should be behind a few layers of security. Implementing two-factor authentication on a contract management platform should be standard for a company. This combines both something that the user knows (i.e., a password) along with something that the user has (i.e., a phone). What a user thinks of as a strong password can vary widely, and even if someone does get a hold of company passwords, having double authentication in place still means that only employees can log into their accounts. With so many stories in the news of high-profile hacks ranging from Elon Musk and Mark Zuckerberg’s social media accounts to Snapchat and LinkedIn logins, two-factor authentication is the minimum requirement for a baseline standard of security.
Access Rights and Visibility
Not everyone needs access to every contract. The ability to set access rights both increases the security of private information as well as being a practical factor for teams.
In regards to security, certain contracts have more sensitive information that should be restricted to only a few team members. Being able to preset teams or groups that are the core members on a project alleviates risk and the chance that sensitive details will be passed into the wrong hands.
Sifting through contracts that have no relevance is a poor use of time. The ability to regulate and limit which team members are accessing which documents allows teams to focus on their priorities and find the contracts they need faster. Restricting the visibility to certain people or teams will increase efficiency and peace of mind for everyone involved.
When a contract is close to signature, any delays can mean lost revenue or even a lost opportunity. Making sure that a contract is finalized and approved by all parties saves significant time. How can this be done? Approval workflows.
Setting up workflows, and having a center of preset, pre-approved workflows for different processes, teams, or contracts will increase efficiency across teams. Legal and sales teams alike will be happier—Legal can ensure all contracts are compliant and have visibility into everything being sent out in their company, and Sales gets more deals signed faster.
With contracts being one of an organization’s greatest assets, security is necessary. Make sure contracts are protected by ensuring a contract management platform has all of these capabilities.