In today’s high-tech world, the incidents of cyber crime are rapidly on the rise – in fact they’re becoming a norm, it seems. To be able to imitate something that is personal and arcane such as a person’s signature has become effortless for offenders and hackers.
However, electronic signatures possess a multi-pronged and unbreakable network of security barriers that keeps the signers’ identity and their data secure, ensuring the provision of enhanced security.
Did you know that on an average basis, a company loses approximately 5.5 million dollars of revenue per annum in the US alone, all owing to identity theft and data breaching? In fact, even more startling statistics gathered by Gartner’s Top predictions reveal that by 2016, the financial impact of cyber crimes will rise 10% every year due to the continuing discoveries of new vulnerabilities.
With hackers and cyber criminals adopting technology for data breaching and identity theft, the only way to beat them is to join them. The best way to do that is secure all ends, and electronic signatures offer just that.
Electronic signatures have been created to provide secure digital signing solutions to individuals as well as major industries including banking, real estate, business accountants, defence and government, healthcare, legal consultancy, corporate and human resource enterprises and the list goes on.
With electronic signatures, users attain the ability to prove and safeguard a transaction and maintain its authenticity, without worrying of any data loss.
Whereas, comparing it with a more costly way of paper-based signatures, there is no way you can authenticate that the sign belongs to the actual person, not a shimmer looking for ways to harm you and your company.
How electronic signatures work
There are some reliable and high-tech e-signature solutions providing companies selling their products that run on advanced digital technology.
Once you upload the document and sign it with your e-signature, the application digitally signs it and creates a mathematical finger print of using your unique ID This ID is your private key held in your machine as Soft tokens or inside a Smart Card/USB token. In both cases it is password protected.
How e-signatures can keep hackers at bay
E-signatures use several levels of authentication processes that help in improving security barriers even further, barring hackers’ access to the document. The algorithms are implemented in a proper sequence in the digital signature format using private and public keys.
These keys verify the authenticity of the signer and the document receiver, followed by flexible computational signatures in order to finalize the deal and lock the document for any further processing. A hacker, therefore, cannot breach or access the encrypted keys or forge the document information no matter what ways they employ to break down the system.
Moreover, these e-signs offer a legal method of document signing that not only has been approved by Governments and industries worldwide, but has also been stated in the ESIGN Act of 2000.
What you get in return for using e-signature solutions
Using an e-signature providing application, you attain the advantages of:
- Streamlining all your business processes.
- Saving your annual costs and adopting a paperless office management.
- Non-Repudiation of your data and identity.
- Highly secure environment for executing your business and corporate tasks.
- Compliance to using highly-advanced digital technology.
- Enhanced data integrity.
- Improving and pacing up your business solutions efficiently.
So before the hacker tries to outsmart you, you better quip yourself with this secure ended means and safeguard your business and financial assets yourself.
Anna Stacy has in-depth knowledge and experience of electronic signature solutions. Her basic forte lies within process optimization and process re-engineering, and has a long-term obsession with e-sign. She is a leading source of what’s hot and what’s not in the online digital signature space.