How Agiloft CLM ensures top-notch data security for your contracts

A robust contract lifecycle management (CLM) solution can revolutionize the way your organization handles contracts, from creation and negotiation, to approval and renewal, to storage, reporting, and actionable analysis. 

But, as with all technology solutions, this optimization is only possible when the platform used is secure, and the data security is backed by t using the latest security tools and strategies.  

Attacks can happen anytime, to any organization – and their consequences are costly. Last year, hotel and casino company MGM Resorts suffered a cyberattack that exposed customer data, costing the company an estimated $100 million. MGM is still recovering from the attack and the scale of the data exposure is unknown. 

Given the sensitive nature of legal documents, it’s natural to be worried about how a CLM can ensure your contract data remains private. There’s a multitude of vendors in the marketplace, which makes choosing the right contract management solution a daunting task, especially when considering a vendors’ security practices. 
 
To highlight October as Cybersecurity Awareness Month, below is a Q&A with Agiloft’s Noe Ramos, VP of Operations, about Agiloft’s approach to enterprise-level security and why data security is such a critical component when selecting a CLM system. 

The importance of data security

Q: Why is it important to keep data secure?

A: Data breaches are a significant concern in today’s digital landscape. They can result in reputational damage, financial losses, and legal consequences. Protecting customer sensitive data is fundamental to maintaining trust and is of the utmost importance to Agiloft. Sensitive contract data requires diligent, top-tier security. 

Q: Can you detail how Agiloft approaches data security?

A: Agiloft employs a multi-layered approach to data security. This includes robust encryption techniques for data both in transit and at rest, strict access controls and strong authentication methods, regular data backups, and well-defined recovery strategies in case of incidents. We follow NIST principles and stay up to date on security best practices to ensure that we continuously protect our customers. 

Q: How does Agiloft comply with data protection regulations?

A: Compliance is non-negotiable. We adhere to all relevant data protection regulations, such as GDPR, by implementing policies and procedures that ensure data privacy and security throughout the data lifecycle. We also tailor compliance to Customer needs and ensure that we meet or exceed their strict requirements and expectations. 

Selecting a secure CLM platform

Q: Why does data security matter when it comes to selecting CLM software? 

A: Selecting secure CLM software is critical to prevent vulnerabilities and protect sensitive contract data. Insecure software can expose a company to a broad variety of risks, including data breaches, compliance violations, and reputational damage. 

Q: What security measures should companies look for when evaluating CLM software?

A: When evaluating CLM software, keen focus should be placed on factors such as the vendor’s security track record, the software’s data encryption and protection capabilities, access controls, regular updates, and its ability to integrate with the customer’s existing security infrastructure. Additional considerations must be given to whether and how that company’s data is being used by the vendor.  It is important to ask those questions and fully understand what is going on behind the scenes. 

Q: What is Agiloft’s approach to vendor security? 

A: We conduct thorough vendor assessments, which may include third-party security audits and assessments. These evaluations help ensure that every vendor aligns with our security standards and requirements. 

Q: Why are security certifications important?

A: Security certifications are industry-standard validations of a company’s commitment to data security and are even more critical in the CLM space. Certifications like ISO 27001, SOC 1 and SOC 2 demonstrate our adherence to internationally recognized security standards and our continual elevation of our security standards. These certifications assure our customers that we meet stringent criteria and continuously strive for excellence. 

Q: Security is an ever-evolving issue. How does Agiloft keep up with something as complex as data security?

A: Our commitment to security doesn’t end with certifications. We are dedicated to continuous improvement in our security measures. We have plans to pursue additional certifications this upcoming year and invest in ongoing security enhancements. 

Conclusion

When it comes to CLM, there are a lot of choices in the marketplace. But choosing a vendor that prioritizes data security is critical, not just for your organization’s overall reputation, but also for your customers’ reputation, and ultimately, both of your bottom lines. Your contract data is a valuable asset, and protecting it is non-negotiable in today’s digital world. It is critical that you choose a contract management provider that has the certifications, protocols, and best practices in place to keep your data safe and secure. 

CTA: Do you know what else you need in a CLM? Read our blog to determine your technical requirements before going to IT.