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eSignature
 • January 28th, 2025

Create your Online Signature with MSB Docs Now

 

A signed document indicates its authenticity and proves that it is valid. Today in the modern world where technology is growing at a fast pace, digital signatures play a crucial role. A digital or online signature is similar to a traditional signature, however, it uses mathematical techniques for the validation purpose to maintain the integrity of a document or message.

Here, we are sharing all that you need to know about online signatures and how you can create your online signature using MSB Now.

Online signatures are changing the way we work

Technological development has taken a new shape these days. Most industries are drastically changing and most companies have now started using online signatures. In the business world, everything has become more seamless and easy with the introduction of digital signatures. Let’s know how digital signatures have changed the work culture.

Legal changes

Signatures are mainly for legal purposes and with the introduction of online signatures, some legal changes also had to be made. Since its introduction, digital signatures have been used to represent an agreement between two parties.

Security changes

Security is a very big issue in today’s ever-changing digital landscape. Physical documentation can often be lost or stolen, it might also be damaged by various natural calamities, however, When it comes to digital documentation and digital signatures they have very few chances of being stolen or being misplaced.

These two are very important changes that have occurred after the introduction of digital signatures. Apart from these two, online signatures are easy to manage, easy to keep track of, and also helps in multi transactional contracts.

Understand the types of online signatures

An electronic signature is a depiction of the traditional signature in an electronic form. electronic signature now can be divided into three types. Let’s discuss the three types of online signatures.

Simple electronic signature

This is certainly the most common type of digital signature. You receive an email document where you need to sign and all you need to do is select an already generated signature image and click on the confirm button to include the online signature in that particular document. Once you confirm the signature, the document is electronically signed by the person regardless of any other person completing the process on their behalf.

Advanced digital signature

This particular type of online signature requires a specific key i or a certificate associated with the document which is linked to the person who needs to sign the document electronically. The advanced electronic signature is safe compared to the first time. However, if somebody gets access to the key or certificate which is linked with the document, the document might be misused.

Qualified electronic signature

A qualified electronic signature is having your online signature witnessed like you normally do for traditional signatures. This is very similar to the advanced digital signature however it has some added security. In this type of electronic signature, the signatory needs to validate his or her signature on their phone to ensure that everything is in order. This process is known as a trust service provider and is different in each country.

Easy Steps using MSB’s Online Signature

MSB digital signature is designed very efficiently making it perfect for absolute beginners. Below we have mentioned the steps to use for using MSB Docs’ online signature.

How to request an electronic signature?

  • The very first step is to create the legal document.
  • While creating the document, make sure that you check all policies properly.
  • Next, you need to enter the email address of the person who will sign the document.
  • The next step is to attach the document that you have created.
  • Lastly, you need to drop the online signature and attach other tags and send the final document created.

Why MSB Docs is best for electronic signatures?

Electronic signatures are now being used by most organizations. It helps in saving time and money at the same time by eliminating the hassles included in the paperwork. With the use of MSB Docs, you will also be sure that your document is safe and secured. We at MSB Docs use a renowned security system to ensure that all your documents are safe and only reach the right hand. With the introduction of online signatures, the documentation process has become very easy and quick. You can sign any document anywhere from any device. This increases the efficiency of your business and helps you to expand and grow.

Know more about How Msb Works

Using MSB docs is very simple and helps increase productivity. We provide smart templates that you can use to create your document with just a few clicks. These templates can also be customized according to your needs. Now you can send documents to multiple recipients at the same time, this helps in saving your time. MSB Docs can easily be integrated into MIS and ERP with the help of our advanced APIs.

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Related Case Study

Pharmaceutical
 • November 18th, 2025

Why pharmaceutical industry loses Billions of dollars every year?

Pharma industry is one of the largest industries that is totally built on innovation, involving a huge investment in research and development (R&D), intellectual property (IP) and patient information. On such a high scale, experiencing losses is common but over recent years the loses have become rapid. If a list needs to be prepared consisting of some of the most pressing issues that are causing such losses, then cybersecurity would undoubtedly be right at the top. According to IBM’s Cost of a Data Breach 2020 report, “The average cost of a data breach in healthcare industry is $7.3 million.” In the current scenario of COVID-19 pandemic, pharmaceutical companies are being highly attractive to cyber criminals because the data they are holding right now is incredibly valuable. The UK’s National Cyber Security Center (NCSC) reported that hackers, almost certainly operating as part of Russian intelligence services</a >, are targeting organizations developing a coronavirus vaccine in the UK, US, and Canada. Since pharma industry is becoming a hotspot in the health data threat landscape, it is highly important to learn from previous attacks explained below and take necessary actions:

Recent hacks & what the industry has learned from them

NotPetya
Technological development has taken a new shape these days. Most industries are drastically changing and most companies have now started using online signatures. In the business world, everything has become more seamless and easy with the introduction of digital signatures. Let’s know how digital signatures have changed the work culture.
Winnti
The Winnti malware is a virus that was rarely found on the 64-bit version of Windows. Once this virus gets on the system, the attacker can have a remote administration ability which are then maliciously used to withdraw sensitive data of an attacked company for a long period of time. In July 2019, Swiss pharmaceutics company Roche has confirmed that it experienced a cyber-attack named as Winnti malware. Roche stated that “it had detected and remediated the attack.” A company spokesperson said. “Roche hasn’t lost any sensitive personal data of our employees, patients, customers or business partners.” The company confirmed to be working with authorities in the US, Europe and Switzerland that helped them in combating cyber-security threats – a practice that must be undertaken.
The WannaCry Attacks
The WannaCry ransomware attack was a worldwide outbreak that took place in May 2017. This ransomware attack escalates through computers that are operating on Microsoft Windows. When this virus gets on the user’s system, it gets hold of the crucial files, and a Bitcoin ransom was demanded for their return. This ransomware started with the hospital data hacking and swiftly evolved to corporate network hacking, finally it targeted medical devices within the U.S. While it is impacting the majority of healthcare industries, healthcare industry leaned that there is high priority to collaborate with cybersecurity experts, continue to evolve security measures, prepare teams and deliver company-wide threat resources.

Here’s a Checklist that helps in Safeguarding Pharma Companies from being vulnerable to such attacks:

  1. Limiting system access to authorized individuals.
  2. Validation of systems to ensure the accuracy, reliability and consistency in performance of the incorporated systems.
  3. Use of secure, computer-generated, time-stamped audit trails of electronic records.
  4. Use of Digital Signatures for Open Systems.
  5. Use of Electronic signature components and controls.
  6. Use of authority checks to ensure that the systems are used by only authorized individuals.
  7. Collaborate with online solutions that holds the highest standard for security such as ISO 27001, EU-US Privacy Shield and SSAE 16.

Since data privacy and security is our top priority here at MSB Docs, we follow this checklist while offering services to our clients. Business leaders that are well aware to keep safety at high priority and works to protect themselves and their company with legally binding contracts choose us. For more details

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eSignature
 • March 11th, 2025

7 important digital signature uses in 2023

A digital signature is precisely an electronic form of signature used to authenticate any digital document and identity of the signer. It is important and in vogue because it is safer and secure than traditional pen-paper signatures. The electronic signature is complicated to falsify because it operates through mathematical algorithms. Due to its easy nature, encryption capabilities it can be adapted by different businesses. In the 21st century, there are several digital signature uses, important for restructuring and revamping any business model.

Foundation of Digital Signature uses

Digital signatures are available for a long time but the passing of The Electronic Signatures in Global and National Commerce Act or ESIGN in the year 2000, gave the process a greater legal standing.

Since then, it has been adapted by several organizations throughout the world due to its promise of enhanced security and additional safety for signed documents. The digital signature process is a complex one. It uses a cryptographic method where a pair of keys are used for the verification and protection of a document. The private key encrypts the document and it is accessible only by the signer.

The public key is used for the decryption process by the receiver. But in order to use this process, both the signer and the receiver must have a digital certificate that is issued by the Certificate Authority.

Due to the booming potential of digital signature, organizations and industries have started its implementation in different sectors.

Features of Digital Signature

The digital signature works as an electronic fingerprint. With a electronic signature, an individual is capable of signing a document digitally. The process protects the document from falsification and provides verification of the deed.

Even though the process is secure, the fear about the security risks is reasonable, due to the process being digital. The format used by the digital signature is named the Public Key Infrastructure. This is a type of encryption process that provides a high level of security, making documents very difficult to tamper with.

Several countries in the world are accepting digital signature for their potential to make a change. Due to the implementation of electronic signature work efficiency has increased so has the security for documents. So, here are some features of digital signature that quantifies the procedure as the best for any organization.

Time-Saving

It used to take longer to sign a document for a business deal; especially if the signer is not available. Digital signature featured to eliminate this problem. The necessary documents and contracts will be signed with just a click of a button. This saves time while cutting the risk of document falsification.

Cost Cutting

Cost-cutting is an important aspect of digital signature features. If implemented properly, the digital signature will eliminate the use of paper, ink, printers, scanners, and even courier costs in the workplace.

Workflow

Improves the workflow. Provides efficiency in the workplace. Document tracking becomes easier, effortless, and saves time.

Customer Experience

The digital signature provides a better customer experience through its fast operation and enhanced security.

Security

The digital signature provides a better customer experience through its fast operation and enhanced security.

Legality

Legally, digital signatures have the same value as hand signatures. The process ensures the authenticity of the signature with several verification methods. So, even in a court, it can stand similar to the signed paper document.

Environment-Friendly

The digital signature pushes businesses to sustainability. It expedites the process of waste reduction by eliminating the use of paper.

7 Important Digital Signature Uses in 2023

The impact of digital signature is becoming clearer every day. Numerous organizations have started using it to smoothen the workflow while at the same time protecting the integrity of the important documents. In the year 2023, these are found to be several important digital signature uses, let’s have a look at them.

Government

The governments have started using the digital sign for their low cost and high security. The government offices are involved with almost everything from inducing new bills, tax returns, managing contracts, ID cards, and more. These are all sensitive documents and using a digital signature completely eliminates the involvement of a 3rd party. This makes the process smooth and reduces the chances of a leak.

Legal Offices

The legal offices handle some of the most cases sensitive documents in a country. The implementation of digital signatures has reduced the cost of paper and labor significantly. The preservation of sensitive documents is also a factor here.

Healthcare

The administrative process for healthcare and treatment has been thoroughly improved by digital signature. The process takes less time and the data security has improved for admission.

Military

The military is one of the biggest and sensitive sectors of any country that has seen a lot of improvements due to the advent of digital signature. Mainly, compartmentalization of information and security has improved tenfold.

Manufacturing

The manufacturing companies use digital signs to smooth up the process. This improves the product design, the number of production and sales get enhanced.

Finance

The paperless banking, contracts and easy loan has become the pinnacle of the new-age banking process. This was possible due to digital signatures.

Cryptocurrencies

The cryptocurrencies are complex in nature and the digital signatures are used for blockchain authentication. Digital sig is also used for the verification of cryptocurrency transaction data, this helps to show the ownership.

Since data privacy and security is our top priority here at MSB Docs, we follow this checklist while offering services to our clients. Business leaders that are well aware to keep safety at high priority and works to protect themselves and their company with legally binding contracts choose us. For more details

Conclusion

A Digital signature is a form of an electronic signature. It has a solid foundation and legally it is the same as a handwritten signature. The process also comes with several benefits, starting from cost-cutting to time-saving. It is simply designed to reduce labor while improving the infrastructure at the same. It is much more likely that sectors like healthcare, legal departments, military, financial sectors are using digital signatures and they are benefitting from it. So, it is wise for any organization to use an efficient digital signature from providers like MSBDocs. The MSB Docs – Digital Signature implementation is simple, cost-effective, and will provide an additional level of security for any signed document. With the use of MSBDocs digital signature software workflow will get better and enhance the safety and revenue at the same time.

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Contract Management
 • January 28th, 2025

What is Contract Management? & Why it’s important?

 

The term Contract Management denotes a process related to business. This business process includes contract formation, contract evaluation, contract execution, and more. It is a process designed to enhance the operational and financial enactment of an organization while actively reducing risks, decreasing costs, and improving the overall performance of the industry.

The system of contract management is one of the crucial parts of any organization as it is directly connected to the profitability of an industry. It also has an impact on relationships with employees and business partners. A contract is also a complicated process that can only be managed and executed only by the experts like the legal department or the contract managers of an organization.

The system of contract management is one of the crucial parts of any organization as it is directly connected to the profitability of an industry. It also has an impact on relationships with employees and business partners. A contract is also a complicated process that can only be managed and executed only by the experts like the legal department or the contract managers of an organization.

Basic Elements of Contract Management

The Contract Management system consists of few fundamental stages to carry out in every organization.

Identification of business objectives, goals, and risks

Before drafting any contract it is necessary to identify its objectives and goals for which the contract is being drafted. Figuring out these important pieces of information will help in the formation of the contract by satisfying the concerns of both parties involved.

Drafting the Contract

After the objectives and goals have been figured out, it is time to draft the contract. Just collect all the supporting information and the necessary documents maintained by the organization. Finally, draft the contract. Just remember, drafting is an extremely crucial process, any error may end up in loss of businesses.

Negotiations

After drafting the contract the negotiation between the involved parties will begin. This process makes sure that all the parties are getting everything they bargained for. This process takes a bit of time and transparency from the involved parties is necessary to build trust.

Execution

After a strict negotiation comes to the execution. After all the changes are made with the permission of all the involved parties, the contract goes for approval. It is necessary for an organization that is overseeing an approval procedure to have a smooth workflow. Once the approval of the contract, the execution of the said contract will be according to the mentioned terms.

Obligation and Audits

Unfortunately, Contract Management doesn’t end with execution. Several post-execution procedures are essential regarding the performance, time, and cost.

Termination and Renewals

When the contract cycle goes forward and gets closer to its closing, keeping track of all the termination and renewals is a necessary part. Neglecting the renewals will result in losses and this will also mean that the organization will have to work with a new procedure but for the same contract.

 

Profits of Effective Contract Management

  • After effectively managing the contracts, they will grow the operational and overall financial profits of the organization to the higher level
  • This will also strengthen the organization’s relationship with other companies, employees, and freelancers
  • An efficient way of contract management eliminates unwanted conflicts or disturbances during the alteration or addition of terms and conditions in agreement papers.
  • The contract renewal factor can never go out of hand when the whole process is automated by software or managed by an effective contract manager
  • An automated system reduces the burden of the organization by awarding them substantial revenue growth and also saves the company’s valuable time
Learn More

 

Building Blocks of Contract Management Process

Each brick of contract management is tedious and time-consuming for every organization. It is an effort to build an effective system of managing agreements. The process starts with creating contracts and ends with agreement renewals. So, let’s find out the building blocks of every contract management process.

Initial Discussion

Initially, the process starts by identifying and discussing the terms and conditions of the agreement ensuring the purpose of a deal is fulfilled.

Generating Paperworks

Once the approval from both parties is received, all the paperwork is done satisfying all the objectives of the agreement. Since the paperwork process is a time-consuming one, most companies moved to an automatic way of contract management systems in recent days.

Negotiations

As soon as the paperwork is completed, multiple draft copies of the deals are created and the final fair copy is selected after getting approval from employees, freelancers, and business partners.

Execution Phase

In the execution phase, the signing of documents takes place. Here both parties sign the papers using a digital signature to reduce the time and speed up the overall process. In order to reduce the manual work and to improve security, digital signatures are always preferred by most organizations.

Managing Obligations

Now, the legal department or contract manager must ensure that the core values of the agreement are being honored during the operational activities of employees, freelancers, and partner businesses.

Alterations of Agreement

When things go out of hand or when a new situation emerges due to external factors, it is mandatory to alter the agreement papers with the permission of both groups. This can be done to hold the intrinsic core purposes of an agreement without disturbing the relationship strength of both parties.

Reporting and Auditing

The construction of the Contract Management is not yet over without auditing and preparing the agreement reports frequently. See managing contracts is not something like formulating terms and conditions for an agreement and launching it in action. Every organization must analyze or audit contract performance in real-time to avoid forthcoming disputes.

Managing Renewals

Finally. We have arrived at the last brick where the process of renewing the deal document happens. It is highly difficult to set an agreement renewal alarm manually when a company manages multiple deals at a time. To bypass this hard task, organizations moved to automatic renewal of agreement through contract management software.

 

What is Contract Management Software?

Contract Management Software is an automation tool that is capable of organizing, storing, and maintaining business agreements. There is no need to be worried about renewal deadlines when all the papers are integrated with the software calendars. This amazing software helps to reduce the burden of the company by streamlining and centralizing the documents. By using this multitasking tool, any company can effectively manage its contracts even during conflicts.

Benefits of Using Contract Management Software
  • According to ResearchandMarkets, the Contract management software market is projected to grow by 2.9 billion USD in 2024 while it was just 1.5 billion USD in 2019.
  • This can very well save time, money, and work through automated agreement maintenance.
  • An organization can concentrate more on operating profits and increases financial strength when the agreement creation and maintenance are streamlined through an electronic software system.
  • It is necessary to leave the traditional or time-consuming ways of contract management as for sure it increases the burden and drags the process by melting quality time.
  • It is easy to arrange and maintain multiple contracts in a single software tool and finish all assignments in a reduced time.

Contract management is a considerably difficult part of any business which is also of utmost importance. It is an aspect that directly impacts an organization’s business strategy and overall profit margin. Unfortunately, the traditional method of contract management is tedious, time-consuming and makes it difficult to manage multiple contracts at the same time. But all these can be made simpler using MSB’s contract management solution. The contract management software by MSB Dcos provides much-wanted insight into the contract data and simplifies the terms of the alliance between the involved parties while eliminating all the risks and saving costs at the same time.

Few FAQ on Contract Managemen

The traditional way of managing agreement is a hard and complicated process. It requires a lot of manpower, time, and skill. In order to overcome this hard task and to concentrate on revenue growth, global companies moved to an automatic way of managing deals.

Yes, it is legal.

Altering a line or a phrase in the agreement paper without disturbing the core objectives of the treaty is fine. But to alter a line to seek need approval from business partners, employees, and freelancers is not fine.

The legal contracts can be managed easily by using contract management software which will help to organize, store and maintain agreement paperwork automatically.

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Digital Signature
 • January 28th, 2025

Digital Signature – A Complete Guide

 

A signature holds the power to validate a document’s integrity and authenticity. A digital signature’s work is kind of similar but it uses a mathematical technique to validate the integrity of a message or a digital document.

This electronic signature provides the source, identity, and even the status of electronic documents, digital messages. This type of encryption is used by businesses all over the globe due to its tight and efficient encryption.

What is a digital signature?

Ever heard of electronic fingerprints?

Digital signatures are kind of similar to electronic fingerprints and it comes in the form of a coded message.

It connects the signer with a specified signed document, in a very secure way. It also used Public Key Infrastructure or PKI for securing the documents. It is the highest level of security they can provide and this format is also accepted universally.

How digital signature works?

Well, similar to written signatures, digital signatures are unique for each individual signer.

  • Several organizations provide solutions for digital signatures and they use a very specific procedure for solving them. This procedure is popularly known as PKI.
  • PKI is also known as Public Key Infrastructure and it uses a mathematics-based algorithm. The algorithm is designed to produce two unique numbers. These numbers are also defined as keys. One of these 2 numbers is called a public key and the other one is known as a private key.
  • So, when a signer is signing a document digitally, a signature is being created with the private key of the signer. This key is encrypted and known only to the signer.
  • The algorithm works similarly to a cipher. It creates data similar to the signed document which is called hash. Then, encrypts that data.
  • In the end, that encrypted data is the digital signature.
  • When a document is signed, it is also marked with time. So, if the document gets altered after it was signed, the digital signature becomes invalid.
  • So, protecting the integrity of the said document is also very important. This is the reason, PKI needs to create those keys and needs to store them in a secure way which requires the help of a reliable Certificate Authority or CA.
Learn More

 

Benefits of digital signature

There are several benefits to the digital signature but it is mostly known for its high-level security. When it gets implanted on a document, it is ensured that the said document will not be altered in any manner. Its use is completely legitimate and comes with the following benefits.

Personal Identification Numbers or PINs, Passwords and Codes

The digital signature is used for authentication. It is used for verification purposes. Most commonly used with emails, usernames, and passwords.

Asymmetric Cryptography

It also uses the public-key algorithm. This algorithm comes with encryption and authentication for both public and private keys.

CRC or Cyclic Redundancy Check

CRC is a feature that is designed for the verification process of digital signatures. This feature is used to detect any alteration to the raw data.

CA or Certificate Authority Validation

CAs are the 3rd parties that are involved in the process. They accept, verify, issue, and even maintain the digital certificates. CAs also prevent the creation of fake digital certificates.

These are the main benefits of using a digital signature. But it is also associated with other benefits like timestamping, Universal acceptance, cost-saving, time-saving, positive environmental impact, and traceability.

Are digital signatures safe?

“Can my digital signature be forged, misused, or copied?”

The truth is, anything can be forged or altered with proper resources and expertise. But if we compare a digital signature to a conventional signature; the electronic signature will be proven valiant and more secure with any question.

An electronic signature comes with layers of security and authentication process that are very difficult to break. A digital signature comes with 2 keys, designed to protect the integrity of the document and the signer’s identity at all costs.

How to create a digital signature?

Digital signatures are easy to create.

  • In order to create a digital signature, an email program is used to provide a one-way hash of the electronic data to be signed.
  • So, what is a hash? Hash is a continuous string of letters and numbers that gets created by the algorithm. Then, the private key of the signer is used to encrypt the hash. That encrypted hash compiled with other information is the digital signature.
  • Why not encrypt the entire message instead of hash? Well, the hash function is capable of converting any arbitrary input into a fixed length value. Which is very short compared to the entire message. This saves time.
  • For the hashed data the value of hash is exclusive. So, if there are any changes in the data, even if a single thing gets changed in the document, the value will be different. This particular property helps other use the public key of the signer to decrypt the document while the integrity of the document stays untouched.
  • After decryption, if the hash matches with a second computed hash with the same data, this means that there wasn’t any manipulation in the data. Now, if the hashes do not match, it is time to worry. Either data was tampered with and it has compromised or the signature was initially created with a private key that didn’t match the public key of the signer. Authentication will be an issue here.
Connect with MSB Docs to Create your Digital Signature now Request a Demo

Lastly, a digital signature can be used for all kinds of messages. The encryption doesn’t matter here, but this helps to ensure or confirm the identity of the sender and the integrity of the message by the receiver. Even if the signer denies sending that specific message, the evidence is just there with the unique signature of the signer.

Many times, the difference between a digital certificate and a digital signature is confusing to most people. They are completely different from each other. The digital certificate is actually an electronic document and it contains the digital signature which must have to be issued by a CA. It helps to verify the identity of the signer by using a very specific identification process.

In today’s environment, digital signatures play an important role in making businesses efficient and secure. At MSB Docs, we strive to help companies across industries with requests to sign any type of documents from anywhere on the globe while maintaining the legal sanctity of the transaction in the most efficient way possible.

FAQ regarding Digital Signature.

Yes, digital signatures are legal to use. In the ESIGN Act, electronic signatures are defined as “an electronic sound, symbol, or a process attached to or logically associated with a contract or other record and executed or adopted by a person with the intent to sign the record”. This means electronic signatures are legally recognized.

PKI, also known as Public Key Infrastructure is a series of requirements that allows the creation of digital signatures. Each digital signature transaction gets processed using PKI. This involves using 2 keys. A private key, known only to the signer and a public key.

During the process, a Certificate Authority or CA issues an electronic document. This document is called a digital certificate. This document contains the public key for the specified digital signature and associates the signer’s identity with the key.

Yes, digital signatures are secure and falsification is really difficult. It is based on asymmetric cryptography which uses a private key that is known only to the signer. And a public key that is available to all.

There are several benefits of digital signatures. It makes the workplace more efficient and secure. This is the reason the companies are keen on adapting digital signatures.

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Related Case Study

Healthcare
 • January 28th, 2025

5 Ways to Protect Sensitive Healthcare Data

 

Data security remains a key issue in almost every industry. The reason being companies don’t understand that data security goes beyond compliance. According to the Department of Health and Human Services, “privacy addresses the use and disclosure of individuals’ health information” and security “establish[es] a national set of security standards for protecting certain health information that is held or transferred in electronic form.” In simple words, privacy is concerned with the patient’s health information and security is concerned with the data confidentiality. Both terms are distinct but work hand in hand to enhance patient care.

How sensitive data remains safe?

Sensitive information remains safe if certain privacy and security measures are taken on time. When the security of sensitive data like healthcare data is at stake, it requires a great deal of attention. The 5 ways explained in this blog are meant to protect sensitive healthcare data that will in turn help healthcare providers in serving excellent patient care. Let’s discuss them one by one:

1. HIPAA Compliance and Security Rules

HIPAA (Health Insurance Portability and Accountability Act) Compliance define the working principles of healthcare providers in the U.S. whereas other regulations like GDPR (General Data Protection Regulation) define how global operations should be undertaken in order to remain in compliance. So, it is quintessential that the healthcare providers and business associates are well versed with the latest requirements and choose vendors and business associates accordingly.

Two key components of HIPAA compliance:

  • The HIPAA Security Rule – The Security Rule sets guidelines and standards for handling personal health information based on administrative, physical, and technical levels
  • The HIPAA Privacy Rule – In order to safeguard the privacy of personal health information, the Privacy Rule limits the use of information and its disclosure to third parties without prior patient authorization.

2. Restrict Access to Data and Applications

Implementing access controls gives instant protection to healthcare data. Access control restricts the access to the information or applications to only authorized users. This way healthcare providers can perform their jobs without any fear of data threat. In order to enable access restrictions, one can set access controls and additionally apply multi-factor authentication, one of the best and recommended approaches. Each and every user has to validate that they are authorized to access the information and applications using two or more validation methods.

3. Conduct Regular Risk Assessment

Like audit trail helps to identify and track changes in the document, regular risk assessment helps in identifying the vulnerabilities or loopholes in a healthcare organization’s security systems. It also helps in identifying the shortcomings in the security posture of vendors and business associates. If risk assessment is carried out periodically, one can proactively identify and mitigate potential risks that might result in costly data breaches, reputation damage and penalties from regulatory agencies.

4. Data encryption – Both in Transit and at Rest

Encrypting data is again one of the most useful approaches to protect data and secure healthcare organizations. It is essential to encrypt data both in transit and at rest as it will ideally make it impossible for attackers to decrypt the patient information, no matter if they have access to the data or not. HIPAA compliance offers recommendations to encrypt the data but doesn’t mandate healthcare organizations to implement it. For encryption, the HIPAA rule leaves it up to healthcare providers and business associates to choose the type of encryption methods they want to put in use and what other measures they want to take, that cope up with the organization’s workflow and other needs.

5. Partner with Compliant Solution Providers

In order to facilitate best healthcare services, many healthcare providers are incorporating digital methods. As a result of this the demand for digital solution providers is raised. But with increasing data breaches, a careful evaluation of these solution providers is one of the most crucial security measures healthcare organizations need to take. The HIPAA Omnibus Rule has nourished the previous guidelines and given clear definitions to enhance confidentiality and security in data sharing with business partners.

MSB Docs smart document solutions is a compliant solution provider that offers more than 5 ways stated above to protect sensitive healthcare data and let healthcare organizations go digital. Get in touch with our experts if you wish to know more.

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eSignature
 • October 12th, 2023

How Electronic Signature Can Help Banks To Move Ahead

 

Electronic signatures are taking the global market by storm. In 2019 the global digital signature market accounted for $1,534.8 million. The global e-signature market is also expected to increase up to $23.949.7 million by 2030. The business driving factors include the rising demand for biometrics equipped with digital signatures. The introduction of electronic signatures has taken the various business sectors by storm, and the banking sector is no exception to be influenced by it.

The banking sector has always been at the forefront of technology adoption globally. For better experience and convenience of the customers, banks are constantly digitizing their processes. The use of electronic signatures in the banking sector increased during a pandemic when wet-signature transactions became impossible.

The International Chamber of Commerce in April 2020 directed governments to “take emergency measures to immediately void all existing legal prohibitions on the use of electronic trade documentation” This was revolutionizing moment in the banking sector.

In the ICC statement, ICC Finance for Development Director Olivier Paul stated, “With many banks unable to handle trade finance paper documents in person due to COVID-19, there is a growing risk that the underlying trade in goods could be disrupted.”

This move revolutionized trade in the banking and finance sector and gave rise to trustworthy and reliable electronic signature companies to make e-signatures transactions efficient and easily accessible to their customers.

Benefits of electronic signatures for the banking sector

Improves turnaround times and streamlines internal processes with automation

Automation of signing processes streamlines one of the most tedious tasks in the banking sector: Getting signatures from different departments. The use of electronic signatures makes it possible to sign multiple documents with a single click, reduces paperwork, and increases the overall productivity of the bank. According to Forrester, “there will be 85% improvement in business productivity with the use of e-signatures.”

Reduces clutter by centralization and smart categorization of document

Banks deal with various kinds of documents daily and therefore need to have an organized paperwork process. Electronic signature companies offer clutter-free and easy to retrieve labeled documents, making the paperwork storage and retrieval hassle-free and cost-efficient. Research also suggests that “55% to 78.62% overall savings is possible for businesses migrating to e-signature apps from paper, taking into account material, administration, shipping and subscription costs.”

Validation of Data

Many documents are collected from bank customers for loan processing, onboarding, and mortgage. All these documents are required to be validated. Hence reputed electronic signature companies like MSB offer OCR features for validation processes.

Ensures Security

Security assurance is prominent in the banking sector as these operations are very information sensitive. Electronic signature assures high security as the possibility of theft, damage, and forging is possible when dealing with a high amount of paperwork. A study conducted by AIIM suggests “approximately 81% of business users consider e-signatures as the most essential in the legal and security aspects of their daily operations.”

Top electronic signature companies ensure high security and safety of the documents. e-signature providers like MSB Docs offer tamper-free protection and audit trails, along with IP address tracking.

Improves Customer Loyalty

Banks need to provide operational freedom to their customers. Electronic signatures enable the banks to offer banking freedom to the customers. It also provides convenient, easy, and personal access to documents and transactions.

The Ombud survey suggests, “500% increase in customer loyalty is possible with e-signatures.” These services allow customers to build a healthy and trustworthy relationship with their banks. It ensures the loyalty of customers towards the banks.

Choosing the right e-signature service provider:

Electronic signature companies provide hassle-free ways to sign and send documents. The software also stores customer signatures in the document management system of the bank. It allows an easy validation process from any location, thus creating a unique banking experience.

However, while considering the prime benefits of e-signatures for your day-to-day banking processes, it also becomes essential to choose the right electronic signature service provider. A reputed signature company offers the following features with their e-signature software:

Integration

Electronic signature companies provide software that can integrate with the existing applications available with the banks. This way, the documents are readily available for signature without wasting any time to import them. It also eases the process and makes it efficient.

Intuitiveness

The software must be sufficiently intuitive to allow customers to sign the documents with a stylus. The software must allow easy access to the paperwork and sign them electronically. It must also offer the assurance of compliance with regulations of the banking sector.

Security

One of the essential features while choosing an electronic signature company is the assurance and security of data. The company must provide software that acts as a vault for the information so that the data stored in the documents is safe and secure. Leading companies like MSB Docs comply with high-security standards such as SSAE 16, ISO 27001, Privacy Shield, and EU-US. Their software also provides encryption of a high standard protocol whenever you sign or import documents and offers audit trails.

Legality

Electronic signatures must comply with global guidelines and laws like the IT Act 2000 (India), FIPS 140-2, ESIGN Act (USA), eIDAS (EU). They must also comply with EMA, HIPAA, and CFR Part 11.

Conclusion

Electronic signature plays a prominent part in automating the banking sector. At the time, when the word wet-signature seemed impossible during the pandemic, e-signature solutions kept the banking industry running. The implementation of e-signature enhances the productivity of banks by accelerating the sales cycles along with high security and assured legal compliance. Choosing a leading e-signature player like MSB with expertise in banking and finance sector automation can help banks move ahead.

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Related Case Study

Pharmaceutical
 • January 28th, 2025

Top 9 Digital Transformation Trends in Pharmaceutical Industry (Update 2023)

 

The pharmaceutical industry has seen massive growth in recent years, and it clearly shows the upward trend for 2023 as well. Technological advances are certainly helping in this tremendous transformation of the industry.

Technological advances have enhanced the safety measures in the field of pharmaceuticals. One such digital technology is a legally binding e-signature. With the whopping increase in the business, time management becomes one of the major concerns. Hence to save time and avoid human errors, electronic signatures have come to the rescue. Signing multiple documents is possible with just a click with these electronic signatures.

Following are the top 9 trends that will transform the pharmaceutical industry in 2023:

1. Artificial Intelligence

Artificial intelligence is playing a crucial role in almost every industry and improves complicated and time-consuming tasks. AI also assists in problem-solving skills and development and has a wide range of applications. Next Move Strategy Consulting reports,“ the Global Healthcare Artificial Intelligence Software Market size was estimated to be USD 4.68 billion in 2019 and is predicted to reach USD 354.47 billion by 2030 with a CAGR of 48.2% from 2020-2030.”

AI tasks in the pharma and healthcare industry involve identifying patients in drug discovery and development processes. It also aids diagnosis, designs treatment plans, and performs robot-assisted surgeries.

Particularly for clinical trials, it aids communication by translating data into different languages and fraud detection. AI eases the hazards related to signing medical documents, reports, journals, and agreements. Electronic signatures (legally binding e-signatures) help carry out the documentation tasks effectively.

2. Flexible production

Due to the dynamic nature of the market, pharmaceutical companies are continuously searching for new manufacturing techniques. The prime focus is on single-use technology as it decreases downtime and enhances productivity by removing complex methods.

This flexible production paves the way for the production of small batches for precision medicine. These smaller batches ensure the quality of drugs which is of the utmost importance. This model is sustainable as it does not just reduce downtime but also lowers the energy requirement and waste production. Legally binding e-signatures have made it easy to perform tasks related to production (signing approvals) with little or no supervision, especially during the pandemic.

3. Precision Medicine

Precision medicine production is essential when there is a demand for the diagnosis of a particular patient. The main aim is to produce a tailored drug that offers maximum results and enhances patient outcomes. The drawback of precision medicine is that it has to be produced in smaller quantities. It implies there exists more than one variation of diagnosis and treatment. Also, it needs facilities that are specially designed and smaller than most factories. Despite the drawbacks for manufacturers, this method has shown an upward trend as it is more refined. The upward trend is also evident as the number of investors is continuously increasing in recent years.

4. BlockChain

With the expansion of Blockchain technology in various industries, the pharmaceutical company has also realized its importance. Blockchain technology simplifies transactions and optimizes transparency and security without third-party requirements. In the pharma industry, BlockChain technology plays a crucial role in the production and distribution of drugs by streamlining the process. This technology is essential to block the flow of counterfeit medicines and substandard drugs, which make their way through the pharmaceutical supply chains killing thousands of patients every year. This technology enhances efficiency by simplifying the supply process and transactions related to hospitals, healthcare clinics, stakeholders, and other regulators.

5. Cloud Technology

We all are well aware of cloud technology which essential to store our data. This technology enables the pharma industry to effectively share its data with multiple stakeholders and partner with them. The strong and effective infrastructure that accompanies cloud technology improves data integrity.

The use of various cloud applications has also improved CGMP compliance with regulations and standard quality guidelines (GxP). This technology is a boon for the industry as it eases the flow of information and reduces the chances of error. Another aspect of cloud technology is the use of electronic signatures. These legally binding e-signatures streamline data-related processes.

6. Digital Training

One has to be sufficiently educated about the technology as the pharma industry undergoes technological advancement. Hence digital training is prominent and will show positive growth in 2021.

Digital training also plays a crucial role in meeting regulatory standards. Proper knowledge about the industry and technology is essential to maintain higher productivity and overall efficiency. Providing digital training to employees through digital platforms is cost-effective. It also offers them personalized training at any time of the day. Digital training can involve the use of electronic documentation software, electronic signatures, and patient scheduling.

7. Big Data and Analytics

The drug discovery and development process includes a high volume of data. This data requires proper analysis with high-performance systems to derive a usable value from it.

Pharmaceutical companies are outsourcing their data to third-party companies, which creates an immense scope in data management. The technical advancement has introduced new analytical techniques for real-time data management. Big data proves to be a valuable asset to pharmaceutical companies for predictive, prescriptive, and diagnostic analytics. These analytical techniques have applications in all forms of medical data ranging from medical imaging, hospital data, and patient records.

8. Extended Reality

Extended reality constitutes mixed reality (MR), virtual reality (VR), and augmented reality (AR). This technology has changed the way of visualizing things. Knowing the potential of this field, pharmaceutical companies are exploring extended reality like never before for manufacturing and researches purposes.

These tools provide meaningful and data-rich real-time location-agonistic interaction between research groups. Pharms start-ups are working to bring human augmentation to the pharma industry with extended reality tools and wearables.

9. Digital Therapeutics

Digital Therapeutics involves fact-based therapeutic intervention with software to manage and treat physical, mental, and behavioral conditions. Since it is a technology-based solution, it is also used independently. However, it is also often used along with medications or therapies. Moreover, it enables an individual to have better control over their health and outcomes.

What do pharma companies have in store with these digital trends?

The ongoing pandemic has made companies discover and adopt variable approaches to continue the business, including the pharma industry. Today, the pharma industry demands speed and accuracy in the mass-production process of novel drugs, vaccines, and treatment methods. Response to these high-pressure and large-scale demands requires digital aid from technologies like electronic signature software, data management solutions, and more. These sudden demands have also made pharma companies realize the prominence of digital transformation and digitizing paperwork with legally binding e-signatures. The above top digital trends will add value and create a short-term and long-term impact on the industry.

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Contract Management
 • January 28th, 2025

5 Ways Legal Contract Management Can Help In Automation

 

Manual, resource-draining tasks have been dominating legal departments and the legal industry itself.

The legal industry is dominated by challenges of legal contract management processes. The majority of these pre-and post-signature tasks require manual efforts and can disrupt the complete contract management process. As stated by  Gartner, generation of contract, negotiations, its reviews, as well as approval takes up more than half of the legal department’s time. It does not even include the time essential for the management and maintenance of the complete contract repository.

Challenges that disrupt the contract management processes due to lack of automation

At times the existing contract management technologies can also be disjointed, causing errors and lesser productivity. Different communication channels and platforms and siloed systems for contract management result in issues, like work getting erased, repeated, and lost. At times attorneys, paralegals, and contract managers do not even understand they are utilizing their time for inconsistent and duplicative efforts. These challenges can drain the legal department’s resources as well as cause delays in the procedure.

What are the reasons that the contract becomes complicated to supervise?

  • A contract takes time to copy the files and store them
  • Improper price tracking and compensations that create revenue losses
  • Delays in getting approvals dissatisfy the customers
  • The fragmented management results in incorrect information or neglect the policy compliances.

Legal contracts with a legally binding e-signature are dependent on procedures and the introduction of automation. The best online document signing or electronic contract signing software assure on-time delivery, thus preventing further work delays. These digital products have reduced the tremendous workloads in firms, permitting the lawyers to focus on the business value.

Here are some ways how a legal contract management system can help in the automation of business processes.

Centralizing Contract & Management Cycle

Adapting to a single, searchable, and secured central repository helps to connect diverse workflows. It also streamlines the contract discovery and searches. The paper-based workflows are higher in contract flows which are reducible with contract management software. The electronic contract signing and other features of the contract management system offer the legal staff, the capability to pull any single contract or clause at any given point in time.

At the given point in time, features like a legally binding e-signature minimize leakages, improves efficiencies and security, and keeps us well informed. Thus, electronic contract signing makes the process to manage contracts smarter.

Automated Analytics for Actionable Insights

It is time to say goodbye to the paper works and spreadsheets. The legal contract management system with features like electronic contract signing has made the entire process smooth. With real-time analytics and bottleneck identification, you can also determine the areas of improvement in contract management.

It empowers the actionable steps for reducing risks, limits the losses, and increases the ROI of the business. The legally binding e- signature and other features identify efficiency in different areas and monitor clauses and payment agreements.

Consolidates the Communication

Communication is a prominent part of contract generation and management. These communication records are buried in the paperwork, and sorting them becomes time consuming. With the centralized repository and the best online document signing, pulling out stored communication notes has improved. The feature of easy-to-locate negotiation records and clauses ensures faster and revenue-generating negotiations.

Expands the Contract Visibility

The legally binding e-signature incorporated in the contract management has automated the discovery-related tasks post-signature. The analytical options and a central and automatic contract management system improves the contract visibility. It simplifies manual search and enables multiple collaboration options on an enterprise level. Everyone can get a clear idea of the legal contract requirements with the best online document signing feature and automated insights.

Simplified & reduced Risk Management

Automated risk management with features like renewal dates, terms, and payments prevent the possibility of a breach or any red indicators like inconsistencies and missing links. The legal contract management system streamlines process and schedule with features like dashboard insights and electronic contract signing. Daily milestones in terms of regulations are achieved, with the regular use of the legally binding e-signature. You can now clearly handle the contracts on time and improve business opportunities with automation features like e-signs from the best online document signing software.

Your take? The legal industry right now is burdened with the costs of inefficient manual efforts. It is also incurring losses owing to poor quality automation, thus draining the legal department’s ability to create a positive business curve. Implementing basic steps towards automating the most tedious legal contract management tasks can lead to future value additions.

Investing in good contract management software can save manual efforts, improve efficiency, and save revenue losses. Contract management can re-acquire the law department’s lost business revenue. Contract management automation also includes the use of electronic contract signing and legally binding e-signature software.

Quoting My-Virtual lawyer founder Book Moore,” Automating your law practice can drastically improve your firm. We don’t take the human element out of our practices, but we spend less time on menial task and more time on things that require our skills and expertise.”

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Related Case Study

Pharmaceutical
 • June 10th, 2025

21 CFR Part 11 eSignature Compliance Checklist: What You Need to Know About FDA Regulations (Updated)

Introduction

Keeping sensitive data and private information secure is extremely important as well as complex for pharmaceuticals and medical device suppliers. Life Sciences manufacturers need to adhere to strict guidelines laid out by governing bodies, including the Food and Drug Administration (FDA), since pharmaceutical products and medical devices directly influence the health and safety of the customer. 

The FDA had set up 21 CFR Part 11 compliance as a more comprehensive code of regulations to govern the Pharmaceuticals and Life Sciences industry. This governance applies for the primary purpose of regulating the handling of electronic records and electronic signatures.

If you’re trying to find some clarity on 21 CFR Part 11 compliant eSignatures, we’re here to help you understand it. While we can’t provide you with legal advice, we can offer you an MSB Docs point of view on how this governance works and what it implies for your company. 

What is 21 CFR Part 11 compliance?

21 CFR Part 11 describes Part 11 of Title 21 of the Code of Federal Regulations on electronic records and electronic signatures as stated by the United States FDA. The term “Part 11” applies to documents in digital form that are created, customized, maintained, archived, recovered, transferred, or submitted under any record requirements stated by the FDA regulations/predicate policies. 

Besides digital records, this code also incorporates images, audio files, source code, and videos. Eventually, 21 CFR Part 11 allows suppliers in the life sciences industry to avoid a lot of complex paperwork management.

Does 21 CFR Part 11 compliance apply to your organization?

If you work in the Pharmaceuticals or Life Sciences industry, you are aware of the regulative frameworks within which your company should run. Amongst them is the FDA’s Title 21, CFR Part 11, electronic records, electronic signatures typically referred to as “Part 11”, and one of the most acknowledged guidelines.

In practice, “Part 11” applies to drug and clinical device manufacturers and suppliers, pharma companies, CROs, and other industries controlled and managed by the FDA, with a few exceptions.

What are the 21 CFR Part 11 eSignature requirements?

FDA allows the use of electronic signatures in place of wet ink signatures on paper records to ensure that a business can be carried out electronically. eSignatures must consist of the following in order to be compliant:

  • Every eSignature must be unique for an individual and shall not be reused or reassigned to another individual.
  • The signer’s identity must be validated before establishing, assigning, certifying, or approving their electronic signature or any element of such eSignature. 
  • Individuals using eSignatures must, upon company demand, provide additional certification or testimony that a particular electronic signature is the lawfully binding equivalent of the signer’s wet or handwritten signature.
  • Electronic signatures must use a minimum of two unique IDs, such as an identification code and a password, if not based upon biometrics.
  • Uniqueness must be maintained for each combined identification code and password, and not two signers must have the same identification code and password combination.
  • The system needs protection for every transaction to avoid unauthorized usage of passwords or ID codes and to promptly detect and report any attempts at their unauthorized use.

Also Read: 21 CFR Part 11 and Good Documentation Practices in Pharmaceutical Industries

Every life sciences company that sells or proposes to sell any medical device must follow the Food and Drug Administration (FDA) requirements. This ensures that the company has a solid quality system and that all the medical devices manufactured are safe and effective for their intended uses.

Which processes need to be compliant with FDA regulations?

Each manufacturing process affecting the quality of the product needs to follow a specific set of regulations. Whether it is the product design, raw material inspection, maintenance, or quality control checks, each process should have an established quality system.

21 CFR Part 11 Compliance Checklist to Follow

1. Validation – For Security

  • Is the entire system validated?
  • Is there limited system access for authorized individuals?
  • Is there a process defined in which only authorized individuals can use the system, electronically sign the documents, alter them or perform other operations?
  • Is there any documented training available for the system that includes on-the-job training for system users, developers, IT support staff?
  • Is there a written set of policies that make individuals fully accountable and responsible for each and every action initiated by them under their electronic signatures?
  • Is data encrypted within the system?
  • Are digital signatures used?

2. Audit Trails – For Traceability

  • Does the system provide a secure, computer-generated, time-stamped audit trail (including date and time and actions such as create, modify, or delete electronic records)?
  • After every change to an electronic record, is previously recorded information still available?
  • Is the audit trail available for the purpose of reviewing and copying by the FDA?
  • Does the audit trail include the User ID, set of events, a change log, and revision and change controls?
  • Do the signed electronic records contain: the name of the signer, the date and time stamp, the purpose of the signing (such as approval, review, etc.)

3. Electronic Signatures – For Valid Use

  • Are electronic signatures unique for every user?
  • Is it possible to reuse or reassign the electronic signature to anyone else?
  • Does each electronic signature link to its respective electronic record?
  • Is the identity of an individual checked and thoroughly verified at the time of signing using an electronic signature?

4. Copies of Records – For Reference

  • Is there a procedure defined to produce accurate and complete copies of electronic records on paper?
  • Is the system capable of providing copies of records in the electronic form to serve the purpose of inspection, review, and copying by the FDA?
  • Is the system well equipped to automate the conversion or export methods (PDF, XML, or SGML)?

Is MSB Docs 21 CFR Part 11 Compliant?

Yes, MSB Docs is fully compliant with 21 CFR Part 11 regulations. We understand that FDA 21 CFR Part 11 is of enormous significance to life sciences companies that operate in the US. This regulation provides the criteria for acceptance by the FDA that electronic signatures are equivalent to handwritten signatures executed on paper.

MSB Docs not only guarantees compliance but also provides the complete identification of the signer and the sender, along with its full-time-stamping details. To each client, we offer detailed and defensible audit trails that ensure accountability at every step. The tamper-proof seal is embedded with each record, adding a further layer of protection for your critical documents. We keep the privacy and security of our customers at the highest priority, for which our system complies with industry-leading security standards. This made MSB Docs one of the most secure e-signing solutions available in the market. If that seems satisfying, get in touch with us to collaborate.