Many businesses are adopting digital signatures as a fast and easy way to get documents signed online. But before you pick a digital signature solution, it’s important to make sure the technology you pick will meet your industry’s compliance regulations.
Laws in the United States are pretty broad about what counts as a legal signature. But just because a technology is considered legal doesn’t mean it will also meet strict industry regulations.
Many industries, like the pharmaceutical and finance industries, have specific requirements for digital signatures. For many businesses, it’s important to protect client data at all times with standards-based technology that meets the toughest regulations.
Every industry’s regulations are different, but here are some common requirements:
- Document storage must prevent the document from being erased, overwritten or altered.
- Technology must be based on standards set by the National Institute of Standards and Technology
- Digital signature solution must authenticate the signers' identities
- Signature technology must be designed to prevent forgery
- Signatures must be embedded in the signed document
Digital signature solutions must meet the most strict internationally-recognized regulations and legislation, including:
- Health Insurance Portability and Accountability Act (HIPAA)
- FDA’s 21 CFR Part 11
- Financial Services Modernization Act of 1999 (Gramm-Leach-Bliley)
- Sarbenes Oxley
- FAA’s CFR Title 14
- FINRA/SEC Regulations
- IRS's IVES Electronic Signature Requirements
- Payment Card Industry Data Security Standard
- Digital Signature Standards by National Institute of Standards and Technology
- Electronic Signature in Global and National Commerce Act (ESIGN)
- Uniform Electronic Transactions Act (UETA)
- EU VAT Directive
- EU Directive for Electronic Signatures
SIGNiX meets or exceeds each of these regulations and legislation requirements, but not all e-signature vendors can say that. Before you pick a solution, be sure to look into industry-specific regulations and compliance issues. It’s better to identify a potential compliance issue before you pick a vendor instead of being reactionary.