Do you know how fragile and exposed your data constantly is? A 2022 Data Breach Investigations report from Verizon shows that 82 percent of breaches involve human errors and misuse—also, 62 percent of incidents in system intrusion patterns involved the compromise of partners. Stolen or compromised credentials are the most common cause of a data breach and take the longest to identify. This attack vector can cost USD 150,000 more than the average cost of a data breach. Also, business email compromise stands at $4.89 million, and vulnerability in third-party software at $4.55 million.

Of course, no enterprise can afford to be negligent about these loopholes, especially when the average data breach cost is $4.35 million (as seen in the IBM 2022 Cost of a Data Breach report), more so when every hour counts a lot if it can shorten the data breach and response time even by inches. So, $1.12M is the average savings of containing a data breach in 200 days or less. 

How does data security work in contract lifecycle management (CLM)?

That is an excellent cue to remember that many opportunities and dangers hide in how you manage your contracts. When you approach contract lifecycle management with the posture of visibility, with the power of control, and the lens of transparency, you kill two birds with one stone. On the one hand, you improve the overall contract lifecycle efficiency and maximize the value of your contracts. But you also nip the bud of the demon called data breaches. You improve data security. You preempt espionage. You deter potential attackers. You defend your data well and early against any slight chance of theft, infiltration, and ransomware.

Contracts bring new people, processes, partners, and interfaces into an enterprise. When adding more hands to the deck, an enterprise can expose itself to new vulnerabilities and data-security chinks. Therefore, they must be overseen- and without any scope for negligence. 

But to do all this, you need to have a strategic and technology-led model for contract lifecycle management. Data security is not an afterthought but an imperative built sincerely and proactively inside every feature, every tool, and every outcome of the answer. For that you need a solution that can give you the following:

• Granularity
• Real-time visibility
• Easy integration
• Deep and thorough, control
• Minimal roll-out time
• Synchronization with other areas
• Strong rigor on compliance
• Fast auditing of CLM results and workflows
• Sharp reporting of CLM aberrations
• Easy but solid documentation
• Intuitive and simple interfaces

Pick the best, put doubt to rest

Something that has inspired the design and execution of every solution at Proen. It’s a CLM stable that houses every possible answer an organization can need for sharpening and streamlining its Contract Lifecycle Management.

With over 20 expert consultants, seven legal specialists, and a dynamic team of developers and subject-matter professionals, Proen is at the forefront of empowering enterprises with an edge in CLM. It has an end-to-end strength in helping organizations walk the entire road from strategizing to implementation to a smooth roll-out for contract management technology. Its adjacent capabilities in support IT, product engineering, and up-skilling help with a ready hand to reach out to whenever needed.

While this solution is built to instill consistent contract storage practices, it also bolsters data security in myriad ways. It creates a lot of room for optimal tracking and reporting. It allows its users with a ready repository of predefined and custom templates. It also helps accelerate the auditing process and improve compliance – but without adding red tape or interruptions in the workflow. Additionally, mobile-enabled visibility and control over contract flows are beautiful.

Here’s the complete spectrum – implementation to integration, consulting to customization, and development to deployment of contract lifecycle management (CLM) solution. It is created with one eye on simplicity and speed. But also with another eye on ruthless data security and relentless data privacy.

Because contracts are supposed to make business gain speed, value, and partners. Not add more threats and attackers to its surface.

For more information on how you can manage risks, enforce contractual rights, improve compliances, and drive performance with world-class CLM consulting services, talk to our experts today.