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Security: xDTM — Standardizing Digital Transactions
In 2000, the federal government decreed that “A document or signature cannot be denied legal effect or enforceability solely because it is in electronic form” in the Uniform Electronic Transactions Act.
Businesses are increasingly looking to digital transactions as a way to speed up their processes. Digital processes have the advantages of being more accurate, more secure and more auditable than manual paper-based processes. But there still is a lack of standardization around how digital processing can be enabled. A new standard called xDTM is being developed to create a consistent approach for handling digital transactions.
Arden Bement, former director of both the National Institute of Standards and Technology and the National Science Foundation, said that “standards help drive consistent, predictable, and trustworthy interactions between parties. The xDTM Standard defines the methods, procedures, and requirements for safe and secure digital transactions as more and more companies and individuals make the transition to fully digital interactions in the cloud.”
The xDTM standard addresses eight specific areas:
- Security
- Privacy
- Compliance
- Enforceability
- Availability
- Openness
- Scalability
- Universality
Tom Pageler, chief of information security for DocuSign, said that “in this space–digital transaction management–we’re seeing lots and lots of data: financial data, HIPAA data, telco data, pharma data. There’s a lot of standards to follow in this space. Customers come to us and say, ‘We need to prove that you’re PCI-compliant,’ or, ‘We need your ISO 27001,’ or, ‘We need to make sure you’re applying the right HIPAA controls.’ We’re not the only people doing this, [but] we decided to try to push a standard, trying to follow the model of PCI.”
