Tech

Secure ‘Virtual Room’ service adds credibility to digital signatures and agreements


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Closing deals and signing deals in a face-to-face meeting seems almost quaint. Before long, they will likely be a thing of the past, replaced by digital agreements and document signing.

However, with that completely virtual back and forth, how do you know if a document is real and legitimate? That it comes from who it’s supposed to be? Signer is not a hacker?

The Web3 The world ultimately requires a more sophisticated approach to digital agreement security.

To solve this problem, network security Company OneSpan announced its general availability today Virtual room cloud services, a secure environment that enables organizations to provide real-time support.

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“Security must be created throughout the transaction based on the patching nature of the cloud today – and this is where Electronic Signature Matthew Moynahan, President and CEO of OneSpan said the market is falling because digital signature companies are not security companies.

Virtual data rooms market is young but expanding rapidly: Expected to reach 3.2 billion dollars in 2026, representing a compound annual growth rate (CAGR) of 14.5% compared to 2021.

Similar, digital signatures the market will approach 42 billion dollars to 2030, an increase of $4.4 billion compared to 2021 – a compound annual growth rate (CAGR) of 28%.

OneSpan’s new product competes with those offered by iDeals, SecureDocs, ShareVault, Ansarada, and Citrix ShareFile.

Jim Lundy, Founder and CEO of Aragon Studies.

This makes user authentication important for transactions, he said. And for highly secure documents, that process has traditionally been slow and cumbersome. This has fueled what he calls a “race” for digital rollout, allowing user identities to be digitally verified in minutes versus hours or days. It specifically became a “hot use case” for new account openings.

But electronic documents require a higher level of identity verification and authentication – users must pass a series of identification requirements such as biometric verification (e.g. facial recognition) and password used once. Only when the user is verified will the documents be presented, Lundy said.

Organizations are increasingly adopting advanced multi-factor authentication and credential management to generate tokens. This is a “more secure and proven way to prevent phishing attacks from obtaining user credentials,” he said. Similarly, to further speed up this process, more and more people are using AI (artificial intelligence) content that automatically validates user documents such as driver’s license and photos through digital verification. Picture.

But beyond such tools, organizations need to train their IT staff and C-suite, Lundy said. “There are extremely sophisticated phishing attacks going on targeting both IT admins and executives,” he said.

In today’s “everywhere economy,” consumers expect convenient, digital experiences, and they want to interact with companies through remote channels rather than face-to-face. The growth of electronic signatures and digital agreements has reinforced this.

However, as electronic signature providers emerged, most documents were in plain form, Moynahan said. The current? High value deals including contracts, mortgages and loan agreements are being processed digitally. This market has grown due to its convenience and accessibility; Moynahan said.

Likewise, video conferencing platforms have become more used and they add an extra level of security.

“The thinking is that if you can see other people and see them sign, they have to be true to what they say,” says Moynahan.

However, non-available video conferencing tools pose a serious security risk. We “live in a world of insecure links” and video conferencing platforms do not always provide authentication and verification capabilities to confirm whether a virtual meeting participant is via web link is the person they claim to be.

He points to the so-called “exaggerated bombing” in the early days of the pandemic with an almost overnight adjustment to life far away. This especially highlights that anyone can easily access the video conferencing links.

While Zoom has been quick to add password capabilities, these capabilities have not always been implemented, he said. Digital signature providers like DocuSign are collaborating with video conferencing and enterprise communication platforms, but this doesn’t always involve identity verification and doesn’t capture all of the information. event occurs during signing. In addition, the server or the signer (or both) can easily override “remote control” access and inadvertently sign on behalf of each other.

Trade digitally, in real time

In contrast, upon entering OneSpan’s new Virtual Room, users must be identified and authenticated via email, login, SMS, Q&A, or knowledge-based authentication and ID verification, Moynahan explained.

Then, legally binding electronic signatures are recorded in real time and the browsing process allows agents and clients to collaborate on documents, review them and resolve queries. ask.

Digital signature encryption helps ensure data and agreements are secure in transit and at rest, Moynahan said. Built-in security controls prevent participants from signing on behalf of others. The verification process also maintains the integrity of signed documents by capturing the signing privileges transferred between participants, geolocation details, authentication, and signing sequence. Furthermore, virtual sessions are recorded.

The platform can be used by any industry looking for a remote, human-assisted financial agreement process – including retail companies and corporate banks, Moynahan said. personal, finance, wealth management, auto financing and healthcare.

For example, wealth management advisors can help clients choose the right products and complete investment strategy deals, says Moynahan. Advisors at retail and corporate banks can help clients open new accounts and manage changes to existing accounts. Other situations may include insurance and claims policies or financial services.

Prepare for the World Web3

In the age of Web3 — the next iteration of the internet — high-value transactions are happening digitally and in bulk with more complex cloud workflows, Moynahan said.

However, “many of us have become so conditioned to click and scribble processes that we don’t think about the security of our workflow or people interacting, especially is for high value transactions,” he said. “We simply believe that the SaaS provider is doing this for us when, in fact, it is not in the entire business process.”

Our trust and integrity on the Internet has been shattered by deeply disinformation, fake news, and unsafe links. “It’s really hard to tell what’s real,” Moynahan said.

Cybersecurity must move into a whole new field to protect such Web3 interactions, he said. As the threat landscape continues to evolve, so will attackers. They are ready to take advantage; they will seek to manipulate the integrity of digital agreements and their underlying artifacts, which are essentially the foundation of business and capital markets.

“Unfortunately, it already happened,” Moynahan said. “At the end of the day, it is a business responsibility to restore this trust and integrity.”

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