For any company that has to deal with sensitive information A virtual data room is a vital tool. These tools are primarily employed in M&A transactions to safeguard critical information from unauthorized third parties during due diligence. It’s not just M&A that requires advanced security. Intellectual property, such as research results, patent-protected products and much other items, are frequently included in projects that require documents.
When choosing a data space ensure that it is fit for purpose and offers the necessary features you require to meet the needs of your business. You should choose a service that allows users to test their platform and ask questions before you pay an annual fee. Also, ensure that the price is reasonable and based on the features they offer.
Find a virtual data room with a robust security feature set to ensure only authorized users have access. It is important to have a robust two-factor authentication (2FA) system that prevents unauthorised sharing. A remote shred feature that erases downloaded documents after an administrator has cancelled access is another great feature.
The best data room software providers will be able to restrict access to particular documents or even to a whole folder within a document. They can also impose an expiration date for documents to prevent downloads that are not authorized, and they will allow administrators to apply custom watermarks to files that dissuade dubious intent from users who are only temporary. They are also able to manage the most popular formats of files, including PDFs and XLSXs.