Virtual data rooms are vital for any company dealing with sensitive data. These tools are primarily employed in M&A transactions to protect sensitive information from being accessed by unauthorised third parties during due diligence. It’s not just M&A that requires advanced security. Intellectual property, including research results, patentable products and much more, are often included in projects requiring documents.
When selecting a data room ensure that it’s suitable for the job and offers the features that you require to meet your business requirements. You should choose an organization that allows you to test their platform and ask questions before you pay a subscription fee. Also, make sure the price is affordable and based on the features they offer.
Search for a dataroom virtual with a robust security set to ensure that only authorized individuals have access. It is important to have a strong two-factor authentication (2FA) system in place to block unauthorised sharing. A remote shred feature that erases downloaded files after an administrator has cancelled access is another great feature.
The best data room software providers will be able to limit access to specific documents or even a folder within the document. They can also set a time limit for documents to stop unauthorized downloading. Administrators can also place custom watermarks to files to discourage users with dubious intentions. Additionally, they should be able support the majority of common file formats including PDFs and XLSXs.
