A virtual data room could be utilized by a business to share confidential documents with third parties. This can happen in a variety of situations, including due diligence during mergers and acquisitions as well as fundraising from private investors, restructuring or bankruptcy. Whatever the scenario is, the documents should be secure, easy to navigate, manage and available at any time.
A VDR with granular permissions for documents helps ensure that the right people are able to see the right files at the right time. Setting specific access policies for documents and folders decreases the chance of human error, such as accidental deletions and excessive sharing. A reputable virtual dataroom should also have other security measures to safeguard information. These include the encryption of documents that are at rest and in transit, digital watermarking siloing within private cloud servers, 2-factor authentication, accident redemption and many more.
Furthermore, a great VDR will have robust user support. Many users of the VDR work with other stakeholders across the nation or even around the globe, and often the work doesn’t end at 5pm on the west coast. A good VDR provider will offer 24/7 support and be able help in any way, especially in the technical aspects of using and managing the types of due diligence platform. The best way to determine if an VDR matches your requirements is to investigate the capabilities and features of each, and ask questions regarding security as well as customer service, and more. This will help you identify the perfect VDR that will meet your company’s requirements and make it an effortless, easy process.