Beyond the signature: Why security matters most in eSignature software

In the online world, taking things at face value is getting harder and harder. How do you know if your clients are who they say they are? How do they know you are who you say you are? And how can you ensure an eSignature transaction is legitimate and authentic? eSignature software has made it easier to sign a contract, apply for a mortgage, or authorize a lender to run a credit check. But how many of us are checking that robust security is in place to protect the document, the signing workflow, and the signer?

At a time when the risk of fraud and online attacks is real, trust becomes the engine of successful digital agreements. Building trust into your digital agreements and contract signing processes is critical for your customers and business. Done well, it also helps you achieve another business goal: to improve the customer experience.

A good starting point for evaluating eSignature software and learning more about
eSignature security is the new IDC MarketScape: Worldwide eSignature Software 2023 Vendor Assessment.¹ The IDC MarketScape advises that before adopting an eSignature solution, it is important to “understand each signing use case and the security requirements and risk profile of that use case.”

Build trust with 3 key security capabilities

When it comes to eSignature security, building trust in your digital agreements protects your customers and business, and improves the customer experience – if you can do it seamlessly.

In this article, we identify three key security capabilities based on analyst insights from IDC, Gartner, and Aragon Research, and vendor ranking criteria from G2. These include:

1. Identity security: Identifying unknown signers and choosing the appropriate level of authentication for known signers
2. White-labeling: Creating an end-to-end trusted experience through white-labeling
3. Audit trails: Capturing a complete audit trail of all digital actions

Protecting the authenticity and integrity of eSigned documents is crucial as businesses rely more and more on digital interactions and transactions. We’ll take a deeper look at each of these three key security capabilities, including how analysts and vendor rankings have evaluated OneSpan Sign against these factors.

"Organizations of all sizes and in all industries seeking a secure, enterprise-grade esignature solution should consider OneSpan."

— IDC MarketScape: Worldwide eSignature Software 2023 Vendor Assessment

Critical capability #1: Identity security

According to the Market Guide for Electronic Signature by Gartner®, “Security and risk management leaders must balance identity, compliance, data security, business and IT strategy considerations in their selection of solutions.”

When it comes to identity security, OneSpan has integrated identity verification and authentication into its eSignature solution. This enables your signers to confirm they are who they say they are, prior to accessing documents and contracts for signature. Options include government-issued ID document verification, biometric verification using facial comparison, certificate-based authentication, knowledge-based authentication (KBA), and one-time passcodes (OTP), among others. The 451 Research S&P Global Market Intelligence report says:

"The digital agreement workflow is defined by first verifying a user (with biometrics, behavior analytics, global ID proofing and risk-based verification), then authenticating via hardware authentication devices (such as OneSpan’s Digipass), or by capturing an image of a person’s face or a document like a driver’s license.”

Aragon’s research report, The Aragon Research Globe for Digital Transaction Management, 2023, acknowledges one of OneSpan's strengths is "advanced authentication capabilities (e.g., mobile biometrics)." OneSpan's identity verification capabilities also include support of facial comparison (biometric), where someone takes a selfie and the algorithm then compares that selfie against their driver's license or passport. All of which provides a seamless experience proving your identity directly from your phone.

Critical capability #2: White-labeling

White labeling is a capability for strengthening brand identity and protecting businesses and users from phishing scams. White-labeling the eSignature experience adds a layer of protection against fraudulent impersonation emails designed to trick people into revealing sensitive information.

Establishing an end-to-end trusted experience through white-labeling is vital because it ensures customers perceive a seamless and consistent brand identity throughout their interactions, which is important to foster trust and confidence in your products or services. This trust enhances customer satisfaction and can contribute to increased loyalty and long-term business success.

Recent analyst reports have highlighted the importance of this critical capability. For example, in the 2022 Gartner Market Guide for Electronic Signature, Gartner lists four eSignature platform considerations, including:

"The user experience of the sender and the signer, including the ability to white-label and customize the end-to-end user experience if desired."

It is important to note that not all eSignature software offers white-labeling capabilities. OneSpan Sign makes it easy to fully white-label the process from end to end. The IDC MarketScape Worldwide eSignature Software, 2023 report says:

“With a large number of its current clients white labeling the solution, businesses looking to customize their full signing experience should also take OneSpan Sign into consideration.”

"I like the ability to white-label the service so the customer does not see a tagline like ‘eSignature powered by…'"

— G2 user review from a financial services enterprise user

Critical capability #3: Audit trails

Audit trails are crucial because they provide a comprehensive record of all actions and interactions within the e-signing process. Electronically signed documents must feature a comprehensive audit trail, capturing vital metadata and workflow data to establish legal validity and document integrity. According to Gartner:  

"This might include authentication attributes, date, time, consent ('I agree') and geographic location, as well as evidence of where the e-signature was added to the document by each signee."

OneSpan's approach stands out as it captures identification checks and maintains a full list of time-stamped events, allowing for a complete reconstruction of the customer's experience. This enhances transparency and accuracy, ultimately strengthening compliance efforts. According to 451 Research:

“A comprehensive record of electronic evidence is produced by these meetings, which can be presented to regulatory and compliance or auditors.”

The IDC MarketScape report concludes that:

“OneSpan provides a single audit trail of the entire agreement process, from identity verification and authentication to signature.”

This level of detail and integration into e-signed agreements demonstrates OneSpan's commitment to security and compliance. This makes OneSpan Sign a superior choice for businesses seeking robust audit trail capabilities in their electronic signature solution, including a record of the identity verification process.

OneSpan Sign: Empowering industries with top-tier security

OneSpan Sign is an ideal eSignature solution for organizations spanning diverse industries, prioritizing security as a core aspect of their operations. Its versatility allows it to cater to a broad spectrum of business use cases, accommodating everything from straightforward document handling to the most sensitive and highly secure transactions. OneSpan Sign provides a robust framework for organizations prioritizing security as a core aspect of their operations, irrespective of their industry.

OneSpan's commitment extends beyond eSignatures, encompassing a wide array of capabilities such as smart forms, identity verification, secure storage, remote online notarization, and virtual rooms. These offerings align with ‌trends identified by the IDC MarketScape, positioning OneSpan as a Leader.

Ready to choose the ideal eSignature software solution for your business? Experience the power of security and versatility of OneSpan Sign — sign up for a free trial.

Datasheet

eSignature Security Checklist

Simplify your eSignature evaluation with this summary checklist. It contains more than 20 security requirements to look for across 6 categories. 

Download now

1 Doc #US49646923, September 2023

Gartner, Market Guide for Electronic Signature, By James Hoover, Tricia Phillips, 6 July 2022.

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