How to Find a Secure Virtual Data Room for Business?

secure file sharingVDR data room is the present and future of any successful business. The tool can completely transform and change the way people run their businesses. No need for financial meetings, sending documents using mail or contacting the investor for details. Instead, a secure virtual data room may become a good solution, which will save both time and money.

In the modern productive and invigorating world, it is inevitable to stay safe and secure. No matter if you are a consumer, entrepreneur or investor, you need to ensure your safety during the transaction. It is exceptionally important for virtual data rooms that contain financial information, valuable materials, and agreements.

Learning the list of best data room providers may not be sufficient, so you will need to test the platform before uploading documents. Such reliable and world-popular providers as Intralinks, iDeals, Merrill, and others offer a special trial period that may convince you of the accuracy and transparency of the services.

So, before you start your cooperation with any data room, make sure it is completely safe and meets all your preferences and requirements:

  1. Reviews. Choosing the solution, mind virtual data room review left by previous users as it is a great determiner of your success. Each room claims it is the best and the most unique, but in fact, the reality may be completely different. However, the first step that will help you to opt for a secure VDR is browsing the Internet in search of feedback, reviews, and ratings. Pay exceptional attention to the decent features you may need, including the accessibility of the data room, simplicity of its use, customer support, safety, and others. Check whether secure data room services presuppose common cases of M&A, due diligence, asset sales and others.
  2. Security. Quality encryption, multi-layer security tools and individual access via login, password, security code and other items are the options that should be included in quality and secure data room so that it can be considered safe for your valuable documents and materials. The main purpose of the room is not only to store information but also to preserve it from external threats. Thus, you need to make sure all the financial reports and corporate documents are safety stored within the secure virtual data room. The risk of putting sensitive details on an unreliable platform should be eliminated. Since the modern market offers a diversity of virtual data room solutions, security features may differ greatly but, on average, they should include the following ones: SAS certification, 128 or 256b data encryption, dynamic watermarks, multilevel access, data backup, 2-factor authentication and others. Moreover, learn detailed peculiarities of the deal room software to be sure it has all the features inevitable for your company or enterprise.
  3. Test the support service. An important feature of a dependable digital data room is its ability to solve even minor issues. Even though you are not likely to use the customer support if you opt for an intuitive and reliable platform, a professional helpline will be an impressive bonus.
  4. Estimate the interface. Customizable permission settings and security credentials are essential for secure virtual data room. When you upload sensitive information, you want to be sure it will not be changed, downloaded or copied by any external party without permission.
  5. Transparent cost. Extra security measures and services are always expensive. However, to get the necessary service you need to be ready to pay money. The most important point here is straightforward pricing.

Document Security

The number of secure data room services is growing exponentially, providing customers with a tough choice. While the number is constantly increasing, the quality and specifications don’t always meet the requirements of certain businesses or industries. Working on serious projects where document security is the primary concern, the task will be complicated and the choice tough.

Data security management is the fundamental feature of data room due diligence. The online service you use for uploading the information must be secure and safe, so no materials will be passed to the third party without a special permission. Additionally, the importance of data room M&A safety is also undeniable, as an entrepreneur needs to upload sensitive financial documents and valuable materials about their companies without the risk of them being stolen, changed or disclosed.

Before you start cooperation, you need to check all the functions and peculiarities of the platform to ensure it is a secure data room. A vast majority of reliable and time-tested platforms provide unique techniques and methods that are aimed at prevention of unsanctioned data use, for example:

  • Document expiry tool that triggers the destruction of the document right the moment it is downloaded by an external party. The file may either get blocked or collapsed once the third party attempts to open it. Consequently, the data room minimizes the risk of unauthorized document distribution, change and downloading;
  • A dynamic watermark is another tool that can be used by a reliable and secure data room. Once documents are uploaded to the platform, they get a dynamic watermark with the name of the user, project title, and date of the download;
  • Restriction for viewing. This is another tool frequently used by customers, who work with sensitive materials. The key concept behind this option is an inability to read a significant part of the document, as it is blurred or hidden.

Generally, apart from convenience, simplicity of use, pricing and other specifications, security of the documents is one of the key factors that should influence your choice. Protect your corporate materials by restricting the possibility of access by the third parties: viewing, sharing, printing, downloading, editing, sending, and others. Every user may get an individual access with restricted rights and options he/she can use with secure virtual data room.