Companies must review huge amounts of information to aid in business processes such as M&A legal issues, bankruptcy and restructuring or capital raising. However, this information could contain sensitive data, which poses the risk of being stolen if it gets into the wrong hands. To avoid this happening, a virtual dataroom can be utilized to safely and securely share documents and files with the appropriate parties.
It’s essential that your virtual dataroom supplies users with the tools necessary to work from anywhere and safely access data. In addition to the advanced security features, you’ll need an interface that is easy for anyone to use. The best VDRs provide a simple, intuitive interface that requires no training.
Consider the following aspects when evaluating a virtual information room:
Folder Templates
Having folder templates can make it easier to organize the contents of your VDR. You can build a default structure for folders, reducing time and effort since you do not have to start from scratch. Moreover, these templates help ensure that all relevant documentation is included in the due diligence process. Choose a vendor who offers the flexibility to upload your files. In the ideal scenario, you will be able to upload multiple large files at a time. This will save you time and effort while making preparations for an M&A transaction.
Document Restrictions
A well-designed virtual data space will provide a variety of restrictions on specific documents. These restrictions can include limiting access to specific domains, to only allowing downloads on specific platforms. You can even decide if recipients are allowed to print or edit documents. Some providers offer dynamic watermarks that will show the date of access or an unique code that allows you to track users.
Security Features
A virtual data room should include 256-bit AES encryption in both transmission and storage to protect your privacy. The VDR should also permit administrators to debar access at any time, and have an archived backup to ensure your data is not lost. A good VDR can also detect attempts by unauthorized users to gain access to data. It will monitor the IP addresses, devices types, and locations of users who log into the system. It will also send emails if suspicious activity is discovered.
A great VDR should have a Q&A function that lets administrators efficiently manage questions and answers between participants. This can eliminate redundant questions in the process and save precious time that would otherwise be spent sending emails.
Before individuals can view data in the VDR, they should agree to a non-disclosure or confidentiality agreement. This will ensure that they are not sharing confidential or proprietary information, and will emphasize the importance of security and privacy in the process. Additionally, a high-quality virtual data room will have a robust set of reports and analytics. This will provide administrators with the insights they need to make well-informed decisions for their organization.
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