3 advanced security & compliance capabilities that helped Certinal to be a part of the 2022 Gartner® Market Guide for Electronic Signature

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3 advanced security & compliance capabilities that helped Certinal to be a part of the 2022 Gartner® Market Guide for Electronic Signature

As the world goes increasingly digital, so do our signatures. Global enterprises are recognizing the benefits of moving to a unified digital signature solution: compliance with industry regulations, increased security, and lower costs associated with printing and mailing documents.

As per 2022 Gartner® market guide for eSignatures “Regulatory and legal requirements are another key driver in somewhat separated geographic markets. Vendors, primarily focused in the U.S. and Canada, offer electronic signature products that support the basic click-to-sign electronic signature type. This is due to the relatively vague identification and consent documentation requirements in the national regulations (the Electronic Signatures in Global and National Commerce [ESIGN] Act in the U.S. and the Personal Information Protection and Electronic Documents Act [PIPEDA] in Canada). However, these vendors may not have support for the more prescriptive and stringent requirements in other parts of the world.”

There are many different digital signing software available, each with its own unique features and capabilities. To find the right platform for your organization, it’s important to consider your specific needs and requirements. In this guide, we’ll explore the key factors to keep in mind when migrating to a digital signature solution, including:

a) Industry regulations

b) Security concerns

c) Cost considerations

With these factors in mind, let’s take a closer look at each one.

Cost Considerations

Finally, it’s important to consider cost when migrating to a digital signature solution. Global enterprises must choose a platform that fits within their budget and provides value for money.

There are a few key cost considerations to keep in mind, including:

i) One-time costs: These are the upfront costs associated with migrating to a digital signature solution, such as license fees and onboarding costs.

ii) Recurring costs: These are the ongoing costs associated with using a digital signature solution, such as subscription fees and transaction fees.

iii) Hidden costs: These are the indirect costs associated with using a digital signature solution, such as the cost of printing and mailing documents.

To get a better idea of the total cost of ownership for a digital signing solution, be sure to ask for a detailed pricing breakdown from your vendor.

Industry Regulations

One of the most important factors to consider when migrating to a digital signing solution is compliance with industry regulations.

There are a few key industry regulations to keep in mind, including:

  • The European Union’s eIDAS Regulation 910/2014
  • The U.S. ESIGN Act of 2000
  • The Canadian Personal Information Protection and Electronic Documents Act (PIPEDA)

Each of these regulations has specific requirements for electronic signatures, so it’s important to choose a best digital signature software that can help you comply.

For example, the eIDAS Regulation requires that electronic signatures be “Advanced,” “Qualified,” or “Baseline.” Advanced and Qualified signatures offer the highest level of identity assurance and are typically used for high-value transactions

 

Types of electronic signature

 

A closer look at compliance with UETA AND ESIGN ACT USA

When it comes to electronic signatures, there are four key characteristics that must be met in order for them to be legal under U.S. law. These conditions are outlined in the Uniform Electronic Transactions Act (UETA) and the United States Electronic Signatures in Global and National Commerce Act (ESIGN Act).

For an electronic signature to be legally binding, both parties must have the intention to sign it. This is similar to traditional wet ink signatures. In addition, both parties must agree to conduct business electronically. This can be determined by analyzing the conditions of the encounter.

So, what does all of this mean for you? If you’re doing business electronically, it’s important to be aware of these regulations and make sure you’re in compliance. Digital signatures are a great way to do this. Not only are they secured and tamper-proof, but they also meet the legal requirements outlined in UETA and ESIGN.

A closer look at compliance with eIDAS in the EU

When it comes to digital signatures, compliance with the eIDAS regulation is essential for enterprises doing business in the European Union. Global enterprises need to take a closer look at their compliance strategies to ensure they are meeting the highest standards set by eIDAS. Advanced electronic signatures (AES) and qualified electronic signatures (QES) are both regulated under eIDAS. AES must meet the following standards:- Unique connection to the signatories- The ability to detect if data has been tampered with- The signatory must be identified.

QES must meet all of the above standards, plus the following:- The signature must be created using a Qualified Certificate- The signatory’s identity must be verified- The signature must be linked to the data it is signing- The signature must be uniquely linked to the signatory- The signature must be capable of identifying the signatory if data is changed.

Certinal provides numerous solutions for QES with face-to-face identity verification options as a qualified TSP on the EU Trust List. All eligible certificates held by your signer and issued by TSPs on the EU Trust List are accepted by Certinal. As an alternative, Certinal integrates with a variety of acceptable TSPs.

 

Not sure which type of signature you need? Check out our page on regulatory compliance to learn more.

Security Concerns

In addition to compliance with industry regulations, it’s also important to consider security concerns when migrating to a digital signing solution. Global enterprises must ensure that their signatures are protected from fraud and tampering.

There are a few key security features to look for in a digital signing solution, including:

– Two-factor authentication

– Tamper-proof signatures

– Role-based access control

Two-factor authentication: For example, helps to ensure that only authorized users can sign documents. Tamper-proof signatures help to prevent fraud and tampering by making it impossible to change the signed document without invalidating the signature. And role-based access control allows you to restrict who can sign which documents, ensuring that only the right people have access to sensitive information.

Tamper-proof signatures: In an age where digital signatures are becoming increasingly common, it’s important to ensure that they are tamper-proof. After all, a digital signature is only as good as the security behind it. There are a few different ways to create tamper-proof digital signatures. One method is to use a digital certificate, which is signed by a trusted third party.

Role-based access control (RBAC) is a security model that helps to ensure that digital signatures and other electronic documents are only accessible to authorized users. RBAC is often used in workflow management systems, where it can help to ensure that sensitive information is only accessed by those with the appropriate permissions.

Electronic Signature Platforms

Conclusion

Global enterprises must migrate to a unified digital signature solution by 2023 to stay compliant with industry regulations and meet the needs of their customers. When choosing a digital signature solution, it’s important to consider compliance, security, and cost.

Certinal offers its customers a flexible and scalable model fit for large global enterprises which require seamless multi-region deployment. Some key benefits of adopting Certinal include:

  • Industry-leading UI and UX: Certinal prides itself on having an easy-to-use and intuitive user interface that allows organizations to quickly adopt the solution and administrators enhanced visibility for better compliance and control.
  • Highest levels of Security: Certinal is the only player in the market with a TSP (trust service provider) agnostic hub built into the system. This allows higher levels of signer identification when required. The solution also supports MFA and AI checks for attached documents, which help it achieve the highest levels of global security standards.
  • Robust Workflows: Certinal not only allows modification of current workflows, but the system also allows modification of future workflow sequences. Combined with our state-of-the-art UI, enterprise-level visibility is now a breeze.
  • Global and Local compliance: Certinal provides real-time status updates and signed contracts and audit reports. Contract author details from CLM solutions, Salesforce, and other integration platforms are visible to signers and auditors. Comprehensive and detailed audit reports with tamper evidence and field-level audit to fulfill enhanced compliance needs.Certinal eSign is a future-ready Digital Transaction Management solution. The company has been recognized in the 2022 Gartner® market guide for eSignatures within 6 months of launch which we believe is the fastest to be included in the guide.

    Do you need help migrating to a digital signing solution? Our team of experts can help. Contact us at switchto@certinal.com today to get started.

 

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