PETALING JAYA: Businesses can now accelerate their digitalisation transformation and transition towards paperless transactions with the newly launched SigningCloud by Securemetric Bhd.
SigningCloud is a cloud-based, pay-per-use Digital Signature platform that provides a secure, efficient and legal way of signing electronic documents online.
Securemetric said the innovative solution was in compliance with the Digital Signature Act 1997 and it is publicly available and targets the mass market.
At the virtual launching of Signing Cloud yesterday, Securemetric founder and chief executive officer Edward Law Seeh Key said the coronavirus (Covid-19) pandemic has accelerated digital adoption among businesses.
“Covid-19 has forced many aspects of day-to-day life to go remote, and this includes the signing of physical documents.
“There is no question that the usage of digital signature will become widespread.
“The day will come when using digital signature becomes the usual practice, ” Law said.
He expected that 20,000 users would be on SigningCloud by the end of this year.
Quoting independent market research firm Technavio, Law said it was forecast that the global digital signature market would grow by US$2.77bil between 2020 and 2024, progressing at a compounded annual growth rate of over 27% during the period.
Meanwhile, CyberSecurity Malaysia chief executive officer Datuk Amirudin Abdul Wahab said in 2019, there were more than 4.4 billion people who were active Internet users, which is 59% of the world population.
He pointed out it is estimated that the number of internet users globally will increase to six billion people by 2022.
The cost of cybercrime is also expected to reach US$6 trillion annually by 2021, up from US$3 trillion in 2015, according to Cybersecurity Ventures.
“It is imperative to create a strong cybersecurity culture in Malaysia. We are glad that a private corporation like Securemetric supports the government’s initiative in this area, ” Amirudin said during the panel discussion in conjunction with the launch of SigningCloud.
Law explained that there are major differences between electronic signatures and digital signatures.
“Contrary to the perception that digital signature is the same with an electronic signature, there is a huge difference in terms of security and tamper-evident.
“Electronic signatures typically require you to capture the image of your handwritten signature and pasting it onto the soft copy of a document. On the other hand, digital signature has a higher level of security as the signer is required to have a digital ID that is issued by a licensed Certificate Authority (CA) in compliance with local laws, which in Malaysia’s case is the Digital Signature Act (DSA), ” he said.
As an extra layer of security, SigningCloud users’ accounts are protected with more than just passwords via a two-factor authentication method
SigningCloud enables the users to start small and grow with the use case, at a cost of starting from RM5 per DSA document for free account users.
“Our intention is here to help businesses to adapt to the new norm post-Covid-19. This pay-per-use business model will also create another sustainable recurring income stream for the group, ” Law said.