How Can Software Escrow Help Your Company?

by Jeremiah on May 13, 2014

software-escrow

As technology continues to advance, modern businesses are becoming increasingly reliant on commissioning externally supplied software to help them complete central business operations. Source code for websites and online applications are common areas in which third parties are involved in the development, amendment and supply of critical information and technology. While this is extremely useful, these providers are not able to offer support should any issues arise between end users and suppliers. This runs a significant risk for both parties who may have to face problematic issues such as merges, acquisitions, legal disputes and bankruptcy.

How can companies protect themselves?
To protect your company from these worst case scenarios, it pays to have an effective software system in place. Software Escrow from NCC is an innovative and intelligent application that offers companies a simple method for protecting themselves against any disputable situations. The initiation of an escrow agreement sees a copy of the source code securely held for both parties, which means the information can be accessed and released if the business relationship is in any way jeopardised. Should this occasion arise, the end user has the flexibility to reclaim the source code and continue its development elsewhere.

NCC also offers clients a complimentary software verification service that ensures you will have all the necessary information to rebuild your vital business software from scratch. While escrow safeguards access to critical data, it does not always capture the ‘building blocks’ that are needed to maintain, support and even rebuild an application. Verifying source codes empowers businesses with a detailed build report which can be used to maintain, reconstruct and independently modify their codes if the situation arises.

When are these services useful?
If your company plans to commission specially designed software, or become a multiple licensee of a standard off-the-shelf application, software verification and software escrow can help protect your investment every step of the way. Backed by an expert team of technical gurus and legal specialists, the solution is simple, effective and completely alleviates all parties from any difficulties that may arise. Any business savvy risk manager will testify that continuity and an effective disaster recovery plan are crucial to ensuring operations are not crippled by undesirable and unexpected situations. Implementing escrow software is the key to overcoming business hurdles and ensuring operations can continue as per normal.

Are there any additional benefits?
Software escrow clients can also reap the benefits of Registry Data Escrow. The process complies with the Internet Corporation for Assigned Names and Numbers (ICANN), which serves to manage and control the naming system of the internet. ICANN guidelines ensure generic top-level domain (gTLD) applicants meet a range of specified criteria, including the daily transfer of data to a trusted escrow supplier. A reputable registry data escrow agent is becoming essential.

It simply does not make sense for companies to invest thousands in the development of software, web based and IT applications without an adequate data protection system in place. Taking precautions prior to and during the software development process represents significant time, monetary and data retention savings for companies of all sizes and sectors.

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