10 Key Elements for CLM #7 – Contract Security
We’ve covered a lot of territory so far in our blog series examining the 10 essential components that every Contract Lifecycle Management solution should include.
From the repository, contract authoring, clause library, redlining, negotiation, and review to signature and commitment tracking, we are now in the home stretch, and it’s time for that all-important topic: SECURITY.
Today, technology breaches are a commonplace news item, whether a hacking group has gained access to millions of credit card users’ private information or a simple social hacking method has exposed an entire health system’s patient database. From a personal standpoint, it can be terrifying to contemplate a breach of your privacy. For a business, it can spell ruin.
Companies invest millions to safeguard their intellectual property, technology systems, and strategic plans, but as sophisticated as these defenses may be, those intent on gaining access continue to try and, in many cases, successfully outsmart their victims. On top of this, attacks from outside aren’t the only concern companies have to worry about. Sometimes the threat comes from within in the form of the weakest link in the chain. This might look like an accidental email forward or leaving a financial report on a copier.
Contracts contain some of the most sensitive and mission-critical information about a company, but unfortunately, contract safety can be compromised within an organization simply by an unauthorized individual gaining access. It is paramount that contract data is protected and that individuals within a company only have access to the information that is relevant to them.
The Malbek solution takes data security very seriously. Contract data is secured in the application with encryption to prevent unauthorized access, as well as user permission-based access to authorized end users. The most effective contract security makes it possible to set permission levels at individual business units and departmental levels to protect sensitive information. Malbek security rules at the application level enforce the segregation of information as needed according to each user’s role, responsibility or division. In addition, to minimize audit risks and regulatory exposure, every change during contract authoring, editing, approval, signature and more, is tracked along with fulfillment of contract obligations.
From its very beginning, the Malbek Contrax™ solution was built utilizing state-of-the-art security protocols in partnership with our cloud hosting provider, Amazon Web Services, whose very livelihood is centered on the protection of your data. In many ways these days, a properly secured cloud solution is more secure than on-premise applications. If you can’t, with 100% certainty, say you enjoy this level of protection with your current contract management tool, why not check out a demo of Malbek Contrax? And while you’re at it, download the full ebook, The 10 Key Elements You Must Have in Your Contract Management Solution.