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ENHANCE SECURITY IN FINANCIAL SERVICES WITH AGREEMENT TECHNOLOGY

The rapid rise of digitization accelerated by remote transactions is introducing
new risks into the financial services industry. This is making security a higher
priority than ever before.

The drivers of digitization's rapid growth include consumers’ increased use of
mobile devices to transact digitally, the rise of remote and hybrid work, and
the increasing popularity of open banking (which involves third-party data
sharing via APIs).

According to the 2022 State of Cybersecurity report by Arizent/American Banker,
these same factors that are compelling financial institutions to rapidly
modernize their systems and processes are also raising their cybersecurity risk
profiles. When coupled with the unique challenges of the pandemic and recent
geopolitical disruptions such as the crisis in Ukraine, it’s easy to see why the
awareness of cyber-vulnerabilities has grown over the past few years.

Consider that three in four banks and insurers experienced a rise in cyber crime
since the beginning of the pandemic. Consumers reported losing more than $5.8
billion to fraud in 2021, representing an increase of more than 70 percent over
the prior year. And geopolitical turmoil is leading to bolder actions by bad
actors, including the notable rise in Russian cyberattacks on U.S. banks.


REGULATORS TAKING NOTE

Regulators have expressed concern about the rising tide of cybersecurity
threats, compelling them to take more aggressive action in the form of new
proposals and guidance related to cyber-incident reporting and information
security programs.

For example, in May 2021 the Biden administration issued an executive order that
prioritized improving the nation’s cybersecurity, with an emphasis on
public-private partnerships. The order called for “bold changes and significant
investments in order to defend the vital institutions that underpin the American
way of life.”

Fast-forward to March 2022 when Congress passed, as part of the Consolidated
Appropriations Act, a requirement that critical infrastructure operators must
alert the Cybersecurity and Infrastructure Security Agency (CISA) within 72
hours of a hack and within 24 hours of paying a ransomware demand.

That same month, the Securities and Exchange Commission (SEC)  issued a proposal
to amend its rules on cybersecurity risk management and disclosure rules for
publicly traded companies.

In addition, agencies like the Federal Financial Institutions Examination
Council (FFIEC) and the Federal Trade Commission (FTC) have published commentary
on how bank and non-bank financial institutions can improve their information
security and risk management practices. Their recommendations include periodic
assessments of how institutions manage authentication, verification and access
controls of internal and external users, as well as activity tracking to help
detect unauthorized activity and potential threats.

In August 2022, FINRA additionally issued a notice reminding broker-dealers and
other firms of their obligations to identify and minimize risk of signature
forgery and falsification. Firms should adopt both proactive and reactive
processes and steps to mitigate forgery risk. Such processes should include
centralized methods for reviewing email correspondence and digital audit trails;
strong methods for authenticating and verifying signer identity; and updated
workflows and user management settings to make unauthorized use of agreements
more difficult.

These are just a few recent examples of how U.S. regulatory and legislative
bodies have been urging all institutions managing critical
infrastructure—particularly financial services institutions—to place greater
emphasis on cybersecurity.

They demonstrate the evolving nature of cybersecurity as well as the broad array
of standards and regulations (mandatory and optional) that financial
institutions should adhere to when establishing a secure and compliant
environment.

To reduce security risks, financial institutions must continually improve their
security posture and invest in improved authentication, access controls and
proactive risk management.


FIVE WAYS DOCUSIGN HELPS SECURE YOUR AGREEMENT PROCESS

Fortunately, as financial institutions expand their digital businesses, DocuSign
is well-prepared to help them protect sensitive information stored or captured
throughout the agreement process. Through our different standards and
technology, DocuSign offers five ways to help financial institutions secure
their agreement processes:

Adherence to stringent security standards: DocuSign meets or exceeds stringent
global security and privacy standards, including ISO 27001:2013 certification
and SOC 2 Type 2 audits. Notably, DocuSign is one of a limited number of
companies that follow Binding Corporate Rules approved by European Union Data
Protection Authorities as both a data processor and data controller. DocuSign
eSignature and CLM have also been awarded FedRAMP authorization at the Moderate
impact level.

Centrally manage users and accounts: As eSignature usage grows throughout the
organization, especially across different lines of business, companies need
better ways to centralize control and efficiently manage their DocuSign usage
and deployment. DocuSign Admin Tools offers powerful features like Claim Your
Domain, which prevents employees from having private accounts using company
email; Bulk Actions, which allow administrators to efficiently manage a large
number of users at the same time; and Single Sign On (SSO), which enables
administrators to control DocuSign user access with one or more identity
providers like Okta, OneLogin or Azure AD.

Protect access with identity solutions: Digital identity is essential to
financial services—by both helping to support rigorous Know Your
Customer/Anti-Money Laundering (KYC/AML) requirements, as well as mitigating
risk. DocuSign offers customers a portfolio of enhanced identity solutions for
authenticating and verifying signer identity beyond email.

The Identify portfolio includes ID Verification, DocuSign’s digital
identity-proofing solution that can be embedded as part of a mobile-first
eSignature experience. It offers signers multiple ways to prove their identity
from virtually any device and in several convenient ways, such as submitting a
photo of their driver’s license, using their online banking login credentials or
answering knowledge-based questions. In addition, the portfolio also offers
SMS/phone authentication and solutions to meet digital signature requirements
across the world. To learn more about how ID Verification can help support
institutions in meeting KYC/AML requirements as part of onboarding, read more
here.

Detect and respond to unauthorized activity: Another element that comprises a
well-rounded security program is the proactive monitoring and detection of
unauthorized activity. With DocuSign Monitor, organizations can track eSignature
account activity to guard against security threats and provide oversight of
their entire DocuSign environment. Monitor provides near real-time visibility
into eSignature account activity across the company—including web, mobile, and
API activity—and uses advanced analytics to detect potential threats, whether
from malicious outsiders or rogue and negligent insiders.

Monitor also notifies customers of potential threats with rules-based alerts,
and helps customers investigate those potential threats by providing ready
access to in-depth data points that help security teams investigate the activity
that triggered the alert. For example, firms can analyze agreement activity
through the lens of various fields, such as IP address, location and time to
identify suspicious activity. Lastly, Monitor helps administrators quickly
respond to verified threats—mitigating the risk and potential damage resulting
from unauthorized activity.

Build in custom checks via API: Institutions leveraging the DocuSign eSignature
and Monitor APIs can tap into award-winning capabilities to control all elements
of an agreement. This includes the ability to build in logical checks to ensure
agreements are being appropriately sent and signed. For example, administrators
can check if (a) the recipient’s email address and/or phone number matches the
client’s record, and that (b) the sender and signer email and IP addresses are
distinct, and more.

As financial services organizations grow their use of eSignature and
increasingly standardize on DocuSign for their entire agreement process, robust
security protocols become more and more important. That’s why DocuSign has
invested significant resources and capital into developing an industry-leading,
multi-layered platform to help you protect your—and your customers’—information.

“When we talk about innovation, member experience and best-in-class security,”
says Thomas Novak, VP and chief digital officer at Visions Federal Credit Union,
“DocuSign is quite literally in lockstep with where we want to take things.”


LEARN MORE

To take a deeper dive into how DocuSign is leading the way in security and
helping to protect your critical data throughout the agreement lifecycle, check
out the on-demand recording of our recent webinar about Enhancing Security in
Financial Services.


ENHANCE AGREEMENT SECURITY WITH DOCUSIGN

Solution Brief: To reduce security risks, while protecting customer data,
financial services and insurance institutions must continually enhance their
security posture by investing in improved authentication methods, access
controls, and proactive risk management.
 * View now

Author
Manas Baba
Financial Services Industry Expert
Published
November 16, 2022
Related Topics
 * Security and Privacy
 * Financial Services

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