Why Contract Management Software Security is Crucial

Why Contract Management Software Security is Crucial

28th April 2020

Why Contract Management Software Security is Crucial

By Amulya Dutta, Director of Technology at ContractPodAi

A company’s contracts hold a wealth of confidential information about their employees, customers, policies, and processes. They protect their intellectual capital, mitigate misunderstandings, and limit your liability. They even show that when a relationship between a company and another party started, both expressed an interest in working together toward a common goal.

More than likely, you are already familiar with these points. But they reinforce why contract management software security is so important. Not just to Fortune 500 or 1000 companies, but to businesses of all sizes, across all industries.

 

Safeguarding Reputations, Meeting Regulatory Obligations

Securing a company’s contract repository safeguards a company’s reputation and that of the people and businesses with which they work. The contracts don’t simply shape their relationship with one other party, they guide the way future relationships are built, based on successful outcomes.

You might have agreements with clients that include private, privileged, or classified data like:Securing your company's repository safeguards your reputation and colleagues.

  • Retail and e-tail - PCI-DSS credit card data security standards
  • Healthcare – HIPAA patient data privacy regulation
  • Banking or insurance – Bank-level encryption, 256-bit Advanced Encryption Standard

There are regulatory requirements that govern contracts in these industries and others - those that require access controls and multiple layers of security. There are various types of contracts, maintained by many kinds of businesses, which require advanced cybersecurity. They include:

  • HR-related contracts
  • Non-disclosure agreements
  • Software development contracts
  • Joint venture agreements
  • Supply or service agreements related to new product launches
  • Contracts related to mergers and acquisitions

Securing these contracts requires heightened security measures and sophisticated data center security infrastructure.

 

Securing Contracts at Rest and In Motion

During contract negotiations, and all through the contract lifecycle, files don’t lie still for very long. A collaborative virtual deal portal provides an extra level of security beyond emailing documents across the open web.

A platform as secure as the Microsoft Azure cloud meets and exceeds industry security standards for database and file encryption during long-term storage. ContractPodAi did not want to leave any gaps in our armor when we worked with Microsoft on our web application security project - when we first architected our solution on their platform.

Contracts are encrypted in transit between the repository and the portal. And privileged users are either granted or denied explicit access to view, edit, share, or delete documents. Although a business could run a contract management application in a data center, many companies have shifted to single- or multi-cloud hosting environments.

Build confidence and peace of mind by managing your contracts in a fully managed environment.So does your business operate in one of the highly regulated industries mentioned above? Your organization likely has compliance requirements and customer expectations to meet. Like hosting your files with a SOC 2 Type 1 compliant service provider that meets ISO 27001 operating standards.

 

The Best Way to Mitigate Security Breach Damages is to Prevent Them from Happening

Build confidence and peace of mind by managing your contracts in an environment that is equipped with:

  • Fully managed firewalls, intrusion detection, and intrusion prevention systems
  • A network and security operations center that monitors security information event management logging systems around the clock, every day of the year
  • Anti-virus, anti-malware, scheduled backups and endpoint protection layers
  • Secured internal and external connections from mirrored data centers in North America and Western Europe
  • Sophisticated physical security measures, with exhaustive and efficient business continuity and recovery procedures to minimize loss of productivity
  • Vulnerability management and routine penetration testing

The bottom line is that you need your customer data to be safeguarded against any cybersecurity threat. And you need a contract management provider that protects that information as if it were their own.

At ContractPodAi, we are happy to provide you with more high-level documentation about our security controls. We have documented the kinds of Microsoft and third-party security software and security appliances - those that protect the infrastructure and application layers of our contract management services.

To access this information, download our Contract Management System Security Information Datasheet today.

 

AUTHOR:

Amulya DuttaAmulya Dutta
Director of Technology
Connect with us on LinkedIn

 

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