Virtual Data Room – Protect Confidential Documents
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Virtual Data Rooms provide secure and centralized locations where authorized individuals can view and share digital files in complete transparency. Life sciences and technology are the most frequent users of VDR, but companies from all industries require to protect confidential documents. Consider features such as information on usage at the file level, robust controls, and customizable permission settings when looking at potential VDR vendors to ensure that your documents are protected and shared safely. A scalable platform is essential, as it gives you the option of closing and opening an online repository to accommodate the needs of transactions or projects with minimal disruption.
A reliable company will have rigorous physical security measures, such as offsite backups of your data. Multiple layers of firewalls are advised to block unauthorized entry. Additionally, a virtual data room should enable administrators to keep track of document and user activities to determine who is accessing what, when and where documents are being printed, accessed or downloaded. The ability to add dynamic watermarks to every page of printed or viewed documents further strengthens the protection of sensitive data.
VDRs are most commonly employed for M&A due-diligence, but they can also be used in any circumstance that requires high levels of security and privacy. For instance private equity firms and funds can safely share information about their portfolios and tax information with prospective investors through a VDR. A virtual data room can also streamline contract review by incorporating features like automated redaction and document organization. This ensures that PII will not be disclosed.