Now is the Time for the Legal Industry to Embrace Technology

Historically, legal professionals are infamously slow to adopt new technologies. The entire practice of law is steeped in tradition and ritual, from judges’ long robes to the shelves of arcane books lining lawyers’ office walls.

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5 Ways You Will Reap the Rewards of Contract Tracking

After working diligently to negotiate a favorable contract, it’s important to get the most out of the agreement. Using contract management software to proactively track contracts offers multiple benefits, from reduced risk to increased savings and more. Here are just a few rewards of contract tracking.

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Healthcare Contract Security Is More Important Than You Think

Companies have a duty to protect their data, as well as any employee and client data with which they have been entrusted. Obviously, employment records contain sensitive details about individuals, and thus employment contracts and other related documents must be safeguarded. However, in addition to general employment records, many companies offer their employees health insurance, which also necessitates detailed paperwork. In some cases, companies may have healthcare-related contracts with firms better equipped to oversee these employee plans. Of course, other companies may have other types of healthcare-related contractsbased on their areas of expertise or industry involvement. Regardless of the type of healthcare information that a company has on hand or the reasons for entering into healthcare contracts, it is critical to ensure that any such data is vigilantly protected. Here is why healthcare data and contract security is more important than ever:

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Why Your Internal Contract Security Measures Probably Aren't Enough

A strong data security strategy is crucial to ensuring that valuable, confidential company information, including contract data, is protected. Plenty of companies implement internal contract security measures, but things like user pins and password protected accounts likely do not go far enough. Given the alarming increase in hacks, even on seemingly secure networks, companies have a duty to ensure that both their data and any client data are adequately safeguarded. Here is why your internal contract security measures probably aren't strong enough:

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Don't Use Contract Management Software That Can Access Your Data

Data security has to be one of the most important components of a company’s technology systems. There have been countless data breaches over the last few years, and they will likely only grow in frequency and scope. One of the ways that companies can avoid succumbing to a massive data breach is by investing in purpose-built software solutions that not only meet their business needs but consider the security of the data stored within it a high priority. This is important for any and all types of company data, including the information that is contained within a company’s contracts.

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If Your Aren't Using 2FA, Your Digital Contracts Aren't Secure

Data security is an important topic and something that all businesses should be taking into consideration when setting up and maintaining their IT infrastructure. For companies needing to electronically store their contract portfolio, security is particularly important, as a company’s contracts say a lot about its business affairs. Relying on free data storage services or local hard drives is far from ideal because these methods do not always offer the most sophisticated security measures that are currently available.

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Contract Security Isn't Just About the Technology

Security and privacy are hot topics in the data world. These words may sound like they mean the same thing, but they actually address slightly different areas with respect to data protection. Although some people may be aware of the distinction, just to be clear, security relates to how data is protected whereas privacy relates to the appropriate use of data. So, data security is focused on things like firewalls, authentication procedures, and encryption, but it is these security measures that enhance data privacy, meaning private information does not fall into the hands of someone who should not have access to it. Thus, it is clear that you cannot really have one without the other. 

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In-House Counsel and Cybersecurity: The Need to Lead

For most companies, the in-house attorneys’ roles and responsibilities are not exactly delineated within a concrete list. Instead, their day-to-day duties, and the areas in which they are involved, tend to expand and shift, depending on the existing needs of the company. Obviously, the in-house team spends quite a bit of time reviewing contracts, crafting both internal and external documents and agreements, and helping the executive board make strategic decisions in a manner that mitigates risk.

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How Contract Management Software Will Help Your CFO Sleep Better at Night

CFOs have a lot on their plate. And, contrary to the second word in their official title, they do not just oversee a company's finances. The dynamic nature of business requires leaders in any capacity to understand and make decisions regarding various matters. Fortunately, there are business solutions available that can make the life of a CFO a lot less stressful. Here is why contract management software (CMS) will help CFOs sleep a bit better at night:

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How Smart Leaders Protect Company Data

If the words privacy, confidentiality, data protection, and security strategy are not a part of your company’s discussions, then you may have a serious problem. These days, it is unlikely that any company is immune to the possibility of a security breach. It seems like almost every single week there is “shocking” news of a massive online intrusion, with analysts usually estimating that the personal data of millions of employees or clients may have been affected.

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