The regulatory sword of Damocles

The critical importance of archiving digital contracts and signatures in the context of the European eIDAS, NIS2 and DORA regulations

As digital transformation accelerates, the shift from paper contracts to digital contracts and signatures has become ubiquitous. However, this change brings with it significant regulatory obligations, particularly within the European Union, where the eIDAS, NIS2 and DORA regulations play a central role. Proper archiving of digital contracts and signatures is not only a matter of compliance, but also critical for security, integrity and business continuity. For this reason, archiving digital contracts and signatures is crucial in this regulatory context.

Understand the regulations

eIDAS (Electronic Identification, Authentication and Trust Services)

The eIDAS Regulation provides a legal framework for electronic signatures, seals, timestamps and documents in all EU member states and ensures their legal validity and interoperability. It requires electronic signatures to be stored securely to maintain their legal validity and evidentiary value.

NIS2 (Network and Information Security Policy)

The NIS2 Directive aims to improve the security of network and information systems across the EU. Great emphasis is placed on the protection and resilience of the digital infrastructure, including the secure storage and management of digital documents and signatures.

DORA (Digital Operational Resilience Act)

DORA focuses on ensuring the operational resilience of financial institutions by imposing strict ICT risk management requirements. It emphasizes the need for secure archiving of digital records to protect against cyber threats and operational disruptions.

The importance of archiving digital contracts and signatures

1. Legal compliance:

   • eIDAS: Digital contracts and signatures must be archived in a way that ensures their integrity, authenticity and accessibility. Compliance with eIDAS requires that these documents be stored securely to prevent tampering and unauthorized access.
   • NIS2 and DORA: Both regulations require strict cybersecurity measures. Proper archiving practices protect digital contracts and signatures from breaches and ensure they remain intact and available for legal and operational purposes.

2. Security and Integrity:

   • Archiving digital contracts and signatures ensures they are protected from cyber threats such as hacking, malware and ransomware. This is crucial within the framework of NIS2, which aims to improve the overall security posture of digital systems across the EU.
   • Ensuring the integrity of digital signatures is critical to maintaining their legal enforceability. Any compromise of the stored data could invalidate the signatures, which would have significant legal and financial implications.

3. Business continuity:

   • DORA: Emphasizes the need for operational resilience. Securely archived digital contracts and signatures ensure business operations can continue uninterrupted in the event of a cyber incident or system failure.
   • Proper archiving ensures reliable backup and allows companies to quickly recover from disruptions and maintain trust from customers and stakeholders.

4. Verifiability and Accountability:

   • Regulatory frameworks such as eIDAS, NIS2 and DORA require companies to demonstrate compliance through regular audits. Properly archived digital contracts and signatures ensure a clear audit trail, ensuring transparency and accountability.
   • In the event of disputes or investigations, a well-maintained archive enables quick access to critical documents, supporting legal and regulatory processes.

5. Improved efficiency:

   • Digital archiving streamlines the management of contracts and signatures, making them easily searchable and retrievable. This increases operational efficiency and reduces the time and cost of manual document management.
   • Automating archiving processes can further reduce the risk of human error and ensure that all digital documents are stored consistently and accurately.

Implement effective archiving solutions

To meet the stringent requirements of eIDAS, NIS2 and DORA, organizations must adopt robust archiving solutions that include the following features:

• Encryption: To protect data integrity and confidentiality.
• Access controls: To ensure that only authorized personnel can access archived documents.
• Regular backups: To protect against data loss.
• Booking logs: To track all accesses and changes to archived documents.
• Compliance monitoring: Continuously assess and ensure compliance with regulatory requirements.

Diploma

Archiving digital contracts and signatures is not just a regulatory necessity, but a fundamental aspect of modern business processes. By ensuring compliance with eIDAS, NIS2 and DORA, companies can protect their digital assets, improve operational resilience and maintain stakeholder trust. To navigate the complexity of the digital landscape and maintain a competitive advantage in today’s market, investing in robust archiving solutions is critical.

More detailed insights can be found in the official regulations: