Are My Contracts and Counterparty Information Safe in the Cloud?

Are My Contracts and Counterparty Information Safe in the Cloud?

When pondering moving important confidential information contained within contract documents to the cloud, organizations sometimes cringe with fear. Thankfully, the cloud is not really that big or scary. As with any other way of storing your documents and information, there are pros and cons with moving to the cloud. For the most part, companies want to ensure their company, client, and vendor information stays safe and secure. Those without permission should not be able to access their confidential information, documents, financial data, and other pertinent items. Still, if everything is online, how can security be guaranteed? One of the main recommendations is to choose a reputable cloud hosting provider that highlights your security as one of their key features. Your provider should ensure that your infrastructure is secure and that your data and applications are protected. There are various security controls that should be put into place, as with any storage and networking system. These include deterrent controls, preventative controls, corrective controls, and detective controls. While setting up all these controls at the beginning may seem cumbersome, they will help to ensure your organization’s security and success for years to come. Organizational contracts and counterparty information can often times have its own set of security measures due to the sensitive nature of the data. For further security and privacy, it is highly recommended to utilize an identity management system to control access to info. Additionally, application security to protect all items stored within your contract management system can offer additional security measures by implementing testing and acceptance procedures for outsourced or packaged application code. Moving to the cloud may...
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