How Digital Signatures are Locked and Loaded for your Safety
Digital transformation has changed the way we record and store our data. Data is central to an organization’s functioning. It is pivotal in crafting strategies, scaling companies, and making the right decisions. If there is one thing organizations are obsessed with, it is their data.
Organizations invest in data hygiene to sort and filter it accordingly. It breaks down departmental silos and helps them collaborate. Moreover, it can create a central system of viewing customer records and drive maximum returns.
Although data management is central, security shouldn’t be an afterthought. Data needs to be encrypted to give it an advanced layer of protection. It can prevent data loss and incidents of threats. A security system with appropriate authentication and authorization measures can avoid security pitfalls.
Addressing Gaps in Online Security
The Philippines, one of the fastest-growing digital economies globally faces an alarming amount of online threats. The young populace, high internet penetration, and the use of smartphones facilitate emerging threats. The adoption of digital services has increased the risk of cyber threats.
Small and medium-sized businesses looking to expand must consider end-to-endpoint security to protect data integrity. Filipino companies accelerated digital transformation during the COVID-19 pandemic to flourish. But they need to realize the need for online protection during data transfer.
Why are Digital Signatures so Secure?
Digital signatures offer a secure way to sign documents online, relying on public-key infrastructure (PKI) encompassing policies, hardware, and software for handling digital certificates. It employs private and public keys to validate a person's signature, not for confidentiality. In this case, the sender uses a private key to create the signature, while the recipient uses the public key to verify the user's identity. It ensures authenticity and prevents forgery by relying on trust between parties. Validating information through private and public keys ensures the legitimacy of digital documents.
Role of Asymmetric Encryption
Asymmetric encryption, or public-key cryptography, uses a pair of keys for secure data encryption and decryption. It involves a public key, shared openly, and a private key, kept secret. The sender encrypts data with the recipient's public key, and the recipient decrypts it with their private key. This method enables secure communication without sharing a common secret key. Asymmetric encryption finds wide applications in secure online communication, digital signatures, and secure data transfer.
Advantages of Public-key Cryptography
Enhanced Security - Asymmetric encryption offers higher security than symmetric encryption, using different keys for encryption and decryption. The private key, known only to the receiver, makes data interception and decryption more challenging for attackers.
Authentication - Asymmetric encryption enables the receiver to verify the sender's identity. The sender is able to encrypt the message with their private key, and only the corresponding public key can decrypt it. Successful decryption proves the sender's authenticity.
Non-repudiation - With asymmetric encryption, non-repudiation is ensured. The sender cannot deny sending or altering the message because it's encrypted with their private key. The receiver can be certain of the message's origin and integrity.
Key Distribution - Asymmetric encryption foregoes the need for a secure key distribution system required in symmetric encryption. Public keys can be openly shared, while the receiver keeps private keys secret.
Versatility - Asymmetric encryption finds use in various applications like secure email communication, online banking, e-commerce, and secure SSL/TSL connections for internet traffic.
Don’t Miss to Read: 8 Benefits of E-Signature Services that Enhance Security in Your PDF Contracts
Thus, digital signatures rely on asymmetric encryption to confirm the authenticity of users and messages. While the technology is used to send messages securely, various companies still question its validity.
Are Digital Signatures Legal in the Philippines?
Digital signatures are legally recognized in the country under the Electronic Commerce Act of 2000 (the E-commerce Act) and Republic Act no. 8792. Electronic signatures are legally accepted as equal to a person's signature on a written document, given it can be proven. Proving an eSignature involves demonstrating adherence to a fixed procedure that cannot be changed by the parties involved in the electronic document.
How Electronic Signatures Benefit Industries
E-signature solutions have become essential for various industries, facilitating accelerated approval processes, simplified remote transactions, and enhanced data security. Implementing eSignatures expedites contract turnaround times, enabling quick responses to customer demands and market opportunities. The convenience of remote working fosters global collaborations and removes geographical barriers, streamlining business operations across borders.
Here are some advantages that would help them smoothen customer experiences:
Paperless Workflow – Digital signatures facilitate in secure data transfer and encourage a paperless workflow. It improves communication between departments and reduces energy wastage. Investing in paperless systems minimizes errors and ensures the data is secure, organized, and accessible.
Templates – Electronic signature solutions create templates of confidential agreements. This prevents the continuous printing and faxing of documents. Customized agreements help in fostering business relationships and building a strong supply chain.
Secure Document Exchange – Digital signature users can facilitate the secure exchange of documents through a shared medium. They transparently provide information, and a timestamp accompanies any changes. A real-time mail trail provides a history of any modifications done by either party. This can be used in deeming the document as invalid.
Cloud Storage – E-signature solutions store documents securely on the cloud. This keeps the information safe from malicious actors or online threats. Companies can use it for team collaboration and enhancing their client relationships. Moreover, it is flexible and lets teams access information on any device.
Save on Costs – Digital signatures can save on unnecessary costs. Going paperless assists companies in removing maintenance, printing, and storage costs.
What is DrySign?
DrySign, the leading eSignature solution, facilitates seamless transactions between partners and streamlines collaborative efforts for various deals. With its comprehensive digital signature solutions, firms can effortlessly collaborate and finalize contracts, agreements, financial documents, proposals, and more. DrySign ensures swift, legally compliant, and highly reliable processes.
By adopting DrySign, you can optimize your time, effort, and resources. Say goodbye to the challenges associated with traditional paper-based processes, such as chasing down stakeholders and bearing printing and storage costs. Embracing digital signatures guarantees document integrity and creates a transparent mail trail, recording any modifications made.
Experience a faster signing process that empowers teams to be more productive. Get started with DrySign today, and unleash the true potential of your business! Try our Free version and witness the transformation for yourself.
The future of data protection requires an approach to safeguarding the data from compromise, corruption, or loss. Proper protocols must be established to allow access to authorized personnel to sensitive documents. Companies regularly store sensitive information on clients, business partners, and others. Data protection is a legal necessity to protect business relationships' trust and maintain your reputation.
Since the pandemic, customers have been willing to sever ties with companies that break their trust. Since a method is required to trust the validity of processes and the authenticity of users, digital signatures are a secure method. The measures within digital signature solutions ensure documents are untampered and the identity of signers is proven.
Digital signatures employ public-key infrastructure to protect users. A real-time mail trail assures the authenticity of all signers and the validity of associated documents. One-time passwords and two-factor authentication are security measures to provide access to the right user.
Unlock better security with DrySign!
DISCLAIMER: The information on this site is for general information purposes only and is not intended to serve as legal advice. Laws governing the subject matter may change quickly, and Exela cannot guarantee that all the information on this site is current or correct. Should you have specific legal questions about any of the information on this site, you should consult with a licensed attorney in your area.