Virtual data rooms assist in the storing and sharing of confidential documents. They are used in M&A transactions as well as loan syndication, private equity and venture-capital transactions as well as other corporate collaborations requiring the sharing of sensitive data with outside parties. They are a safe storage of intellectual property, which prevents it from being stolen.
While certain VDR providers specialize in certain sectors or types of transactions They all provide an array of security features that are generally needed for any kind of handling of data. Some of the most essential ones include granular permissions for access and multi-factor authentication, document watermarking and fence view which stops screen shots.
VDRs can also enable various file processing functions that aren’t typically available in basic file-sharing services. They can, for example convert handwritten or typed data into searchable files, convert paper documents into digital file formats, and let users extract specific details from pdfs. They can even make documents easier to read by converting them into different formats based on the user’s needs.
Examine the virtual data room provider’s security and conformity certificates before deciding on one. You should choose a virtual data room service who offers at least anchor ISO 27001 and SOC 1/2/3. You can also verify the reputation of the service provider on review sites for software such as Capterra or TrustRadius. This will provide you with an understanding of the company’s capabilities and customer service. It will also help you determine if they can handle the volume and complex nature of your data.
