A virtual data room is a cloud-based file sharing tool used for safe storage and transfer of private documents during business deals. These documents could include contracts, financial statements tax information, contracts, and intellectual property. The security of this sensitive material yet easy to access is the main reason why businesses use VDRs.
It is crucial to compare the features of VDRs to figure the one that is most suitable for your business. After that, you should evaluate the customer support provided by the service provider. The support staff should be available all hours of the day and provide a variety of languages and contact methods. Check the provider’s certifications for security. Most reputable companies will have at the very least ISO 27001 compliance, SOC 1/2/3 compliance, HIPAA and GDPR.
Some of the most important functions to look for in the VDR are analytics on user activity and reporting in addition to granular permissions as well as bulk user invitations. In addition, it’s important to choose a provider with two-step/multi-factor authentication. This security feature helps to prevent the possibility of hacking and attempts to log in without authorization. Another useful feature is device purging, which allows administrators to restrict or eliminate access from a specific device.
Collaboration with a wide range of users is essential for many businesses. A VDR’s built-in Q&A modules and document annotations enable users to be on the same page when working remotely. This boosts productivity because it cuts down on time to complete due diligence requests. It is also important to select a provider that offers mobile apps for convenience in working while on the move.