Feb 18, 2022, 12:32 PM
Riaan De Villiers
In today's blog post we will discuss how identity security and digital signatures work together to create trust for businesses.
Digital signatures and identity security
Image source: Gerd Altmann from Pixabay
Trust is an important factor in all business processes. All parties must keep their commitments for the business to proceed. A fantastic tool to create trust (and cut costs) is digital signatures. The digital signature on a document proves the authenticity of the document and the identity of the signers of the document, enhancing trust between the signing parties.
How do digital signatures and identity security work together to create trust for businesses?
Digital signatures create accountability. If an individual or an entity is anonymous, they cannot be held accountable. To remove anonymity, it is good business practice to conduct some form of identity proofing on vendors, customers and employees. Obtaining proof of identity is a key element to reducing business risk.
The second important element to creating trust is preventing unauthorized users from signing the document. To this end, multi-factor authentication is used.
A password by itself is weak and might not be enough to verify the signer's identity. Adding another authentication factor, for example, a cryptographic token or one-time pin will strengthen the authentication process. The extra factor of authentication ensures that only the intended signer can sign the document.
Identity proofing combined with strong authentication creates documents that you can trust and protects the integrity of an organisation’s signed documents.
Combining identity proofing with strong authentication creates high trust digital signatures appropriate for use in high-risk transactions. It not only brings peace of mind, but it can provide a competitive advantage to organisations.
The ability to identify customers allows organisations to create secure digital channels. During the pandemic, digital channels provide a safe and convenient mechanism to deal with clients. The digital channels lead to a faster turnaround on client requests and reduce the administrative burden on the organisation, giving employees more time to attend to other more important tasks.