How Cloud-Based Contract Management Software Improves Your Security

Security has become an increasing concern for businesses in a wide range of industries. As many as 55% of small businesses reporting a cyber attack within the last 12 months. Many small businesses are looking for new ways to improve their overall security and protect their customers. One solid method is using smart, cloud-based contract management software with the security you need to protect your business. There are several ways your contract management software can help improve your overall security when you select the right solution for your business. But you have to carefully select the right CLM software with the features you need to make it happen. Read through our guide for selecting the right contract management software so you can tap into these security benefits:

1. Documents are sent through DocuSign for signatures. 

DocuSign provides a secure method to acquire the vital signatures you need. This is much more secure than attaching those files to emails, which can leave them much more vulnerable. As a result, you have more secure documents with virtual signatures that are every bit as valid as a physical signature. Even better, they’re all stored in one system that is easy for your team to access but difficult for hackers to get to. DocuSign provides full document encryption, which means that the data is stored and protected even as it’s transmitted and accessed. Also, your recipients don’t have to download an insecure version of that document in order to sign it. 

2. Cloud-based contract management solutions make it possible for you to monitor and track access, requests, and edits.

Who is asking for permission to view your contracts? 

Equally importantly, who was the last person to make edits to your contracts?

By knowing exactly who is accessing and editing your contracts, you can track who has made important changes. You can also lock down contracts to prevent unauthorized changes from going through and ensure that if someone does access the contracts that shouldn’t. 

This security won’t prevent easy access by authorized parties. You can still review documents and make any necessary changes immediately. You’ll also know if someone has accessed or attempted to access contracts they should not have access to. This passive prevention system can provide early warnings about an employee who could cause trouble for your business or even a pending cyber attack. 

3. No one has to download documents to work on unsecure systems at home.

You take many steps to ensure the security of your workplace, including your network. Unfortunately, your employees do not take those same measures on their home networks. Sometimes, employees need to take work home. They need to complete it after hours, they need to work from home for the day, or they just need to finish up something important before calling it a day. But without any protection, this can be risky. With a smart, cloud-based contract management system, your employees won’t be downloading those documents to their personal or work machines. Cloud-based contract management systems create a secure database and work environment. Your business’s security won’t rely on the unsecure nature of your employees’ home networks. Instead, authorized users can access those documents through the same cloud system they use for work every day. This provides a critical extra layer of security. 

4. You can easily manage external user access.

There are times when you want to allow outside users access to your files. For example, you might want to give clients the ability to view their contracts. Cloud-based contract management software can provide that access to external users, but it lets you limit the access. Customers, third-party attorneys, and subcontractors can do their part without compromising your security. Thanks to your cloud-based storage solution, those users can also easily access the files from anywhere. They can sign, redline, approve changes without needing to come into your office. But they can only access what you give them permission to see. 

5. You can create tiers and levels of access. 

Some users within your company need to be able to access more of your data than others. Negotiators, for example, may need to be able to access contract templates or information about how far your business is willing to negotiate on certain vital contract points. Salespeople and administrators may need permission to edit contracts, reject them outright, or offer suggestions for improvement. 

No matter which department they work for, users may only need to be able to access contracts they, specifically, have input on. Very few employees should have full viewing and editing rights in the entire system. With a smart, cloud-based contract management solution, you can easily create tiers and levels of access. Then you can control what access your users have to specific information based on their role. When employees change roles, you can easily modify their access to fit their new role or switch an employee from one role’s set of permissions to another.Keeping your contracts secure is every bit as important as protecting the rest of your business’s data. Your contract management software is an important security tool. When you choose your contract management software, keep security as one of your top priorities. Search for cloud-based management solutions that will make your data accessible from anywhere with the security you need to protect your clients and your business. Contact ContraxAware today to learn more about our specific security features.