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ONLINE STORAGE OF CONTRACTS

We have discussed in a previous article about the details of online storage of contracts and its benefits. One of the major benefits stated in relation to cloud storage is the security of data, as it cannot be physically accessed by any third person without the authority required, such as a password or PIN.Security is also one of the major risk concerns raised in online storage, and maintaining the confidentiality remains a challenge in the light of latest technologies being conjured up for hacking. So here we ****yse how the security of contracts online is maintained, and kept safe from potential hacking risks. Cloud storage uses better data centre security systems than an organization can do on its own, since they specialize in data security.

·         Authentication & Access Control: Most of the online storage spaces provide for the consumer to enter his own password, and this may be linked to your Mail ID or phone number for backup and recovery purposes in case you forget the password. External cloud storage services like Google Docs, Drive, Dropbox, etc. provide for a self-created password, or link it with the Google Account, to make it all available under a single umbrella for ease of access.The in-built security systems allow you to gain access only with the password created by you, and prevent any third-party access.

·         International Security Standards: International ISO 27001:2013 is a widely accepted security management standard that specifies best security management practices. Under this standard, security systems evaluaterisks and then implement initiatives to create a system capable of defending against potential breaches, risks, and attacks. Safety becomes an ongoing and continuously monitored matter.

·         Security Audit:many cloud storage service providers like Amazon Web comply with security auditing, which includes a check and update of how well the security systems are functioning, and determine whether it meets both the legal expectations of customer data protection, and the company’s standards of meeting security threats. Auditing helps to ensure that the company meets the requisite standards of security, and that it is reviewed from time to time.

·         Software Updates: The websites and storage Apps always have an efficient team of software specialists that try to work out potential loopholes and threats and develop software updates to enhance the features and afford better protection by fixing the faults that are found from time to time. They manufacture and put on the market latest features of the Apps in the form of software updates that only need to be downloaded and installed.The timely updating makes sure that every actual or potential threat to security that comes up, is immediately addressed.

·         Encryption:Cloud data may be required by the consumer to be encrypted, but converting the entire data into cipher text would involve expenses, and by default, the cloud service only stores critical data like passwords and account numbers in an encrypted format. Some cloud services offer methods like redacting or obfuscating confidential data or the use of proprietary encryption algorithms created by the vendor, to cut down costs of encrypting the entire data.

·         Contracts: Businesses may opt to enter into contracts with the cloud service providers and service-level agreements to mitigate their risks, including terms such as ‘customer audits on demand’, ‘disaster recovery’, ‘full indemnification for failure impact’, etc. to bind the online storage service provider.

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Storage of contracts online thus involves a greater risk-protection, provided you make an informed choice in determining who the service provider must be. A reputed cloud service provider would provide high-security data protection and privacy, and secure your data from falling into the hands of any third-party. 

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