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dennisveal · 3 years ago

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Top Contract Management Software Security Features

The contracts contain the most critical confidential information and the terms of the agreements. Ensuring that your contract lifecycle management (CLM) software is equipped with the best security features available is key to secure contract management. And as 2022 approaches, we recommend that you take the time to evaluate the security settings provided by your CLM software so that you can get the most out of your procurement platform.

Contract security should be part of your organization's contract management and legal strategy, where you take advantage of all of the following tools to standardize your contract operations. Clearly, using optimal security procedures from the start helps your business maximize contract security.

As mentioned earlier, all of your organization's most confidential and sensitive data, from financial details to customer information to nondisclosure agreements, resides in your contracts. Most companies restrict access to internal software locations and messaging applications; however, few invest their efforts in the security of the contracts themselves. And the result? Data security and contract lifecycle management breaches in businesses ranging from small businesses to large enterprise-level organizations. You may be wondering how to optimize contract security while maintaining efficiency, good contract accessibility, and appropriate levels of contract transparency. We explore this topic further below.

Now let's take a look at some contract management software security features to keep tabs on when you adopt your next contract management system or when you determine how secure your current system is:

Audit Trails

Keeping complete logs from audit trails is a great way to increase contract security. With these logs, you can view contract communications, user activity, and confirm that your contracts are secure while maintaining an appropriate level of visibility. When a contract is signed and fully executed, contract managers can easily assess a detailed record of every contract version, communication, and user activity regarding the current contract, giving them the control to review the contract for compliance with each step.

Single Sign-On

Has your organization implemented single sign-on (SSO) to increase the efficiency and security of connections in different applications? Otherwise, we strongly recommend that you make the effort to adopt and use this security feature. At Dock, we offer SSO as a key element of your contractual security strategy.

Multi-Factor Authentication

Multi-factor authentication is one of the most common security features adopted by software solutions at all levels. Adding it to your security directory can help mitigate data invasions. Because this security feature is used so widely, many are familiar with its features, which makes it an easy to use feature within your organization.

Passwords

When was the last time you reviewed your organization's password policy? Has that changed since the large-scale transition to telecommuting? We suggest requiring passwords of at least 8 characters long with a mix of characters. In addition, it is recommended that you reduce the frequency of password updates.

Permissions-based Access

Permission settings can help you make sure that only the right people can view and edit certain documents. With this feature, you can assign roles to your employees in various departments and restrict access appropriately.

Software Configuration

I'm sure you are familiar with the puzzle of forgetting your password, trying to remember it, trying to guess, and then being stuck from the system. Has this happened to your employees? Often the software will allow 3 attempts before locking users out of the system. Do you currently know how long your system is locked out? If your organization is facing hacking attempts, the best practice is to set the lockout period to 30 to 60 minutes to reduce the likelihood of continued attempts.

Electronic Signature Integrations

Make sure the right employees have access to your e-signature integrations so they can work independently through all of the steps required during the contract signing phase. Electronic signatures are also highly secure, much more so than manual wet signatures. Electronic signatures leverage data hashing and contain a digital trace and record of who signed what document and when.

Vulnerability Testing

External testing and audits help identify and expose areas of risk that may be exploited by hackers. We suggest adopting a contract lifecycle management solution that tests system penetration and vulnerability on a quarterly or annual basis.

Contract lifecycle management software is the key to efficient and productive contract management. But taking advantage of the security tools of contract management software, understanding the complexity of each, and having the knowledge to use them appropriately can help you take the most secure, weakest possible approach to contract management. your organization. Just as we need to change the batteries in our smoke detectors, we need to regularly review the security features of our contract lifecycle management software.

#Contract Management Software #contract management software tools

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