A virtual data room can be utilized by a business to share confidential documents with other parties. This can occur in many situations, including due diligence in mergers or acquisitions and fundraising by private investors or restructuring, or bankruptcy. No matter what the scenario is, the documents must be extremely secure, simple to navigate, manage and accessible at any moment.
A VDR with specific permissions for documents can ensure that the right people have access to the correct files at the appropriate time. The ability to define specific access rules for folders and documents also decreases the chance of human error, like accidental deletions, or oversharing. A reputable virtual dataroom will also include additional security measures to guard information. These include encryption of documents while they are in storage and in transit, digital watermarking, siloing in private cloud servers, 2-factor authentication, accidental redemption and much more.
A good VDR must also provide solid support for users. Many users of a VDR are working with stakeholders throughout the country or around the world, and frequently the work doesn’t stop until 5pm on the west coast. A good provider will have 24/7 support and be able to assist in any way possible, especially in the technical aspects of navigating and managing the platform. The most effective way to determine if a particular VDR meets your needs is to look into the features and capabilities of each, and ask questions about security as well as customer service, and more. This will help you find the best VDR to meet your business’s needs and ensure an easy, effortless process.