Systems for dynamic watermarking within a cloud-based collaboration environment. Storage facilities are managed by servers to provide cloud-based storage services to two or more client entities as a service across a network. The servers maintain versions of editable documents or photo images or video clips using a version indication. Dynamic watermarking applies a first watermark image to a first version of the editable document and grants edit access to a first client entity of the two or more client entities. While the first client entity has edit access to the first version of the editable document the system generates a second version of the editable document and applies a second watermark image to the second version of the editable document before delivering the second version to a second client entity. A security watermark is based on a user credential, and a leak source can be determined based the user credential.