Virtual data rooms, also known as VDRs, are online storage facilities which allow for the sharing of sensitive documents and data during high-risk projects. This includes M&A due diligence, real estate contracts or fundraising. VDRs focus on security by implementing measures like secure data encryption, ad-hoc permissions for users, as well as simple access control.
This is a significant advantage over traditional file sharing platforms like Google Drive, Dropbox or your virtual data rooms intranet, which may expose confidential information to cybercriminals and put your project in danger. VDRs allow traceability. Administrators can track who accessed documents and when it is allowed, as long as data protection laws allow it. This can help avoid accidental disclosures, and also prove compliance in audits and inspections by regulatory agencies.
Many businesses have specific business requirements they have to consider when selecting the right VDR. Begin by assessing how delicate your documents are and the amount of documents you have. If you’re handling small amounts of non-sensitive documents, then you don’t require the advanced security and collaborative features offered by VDR. VDR.
Time and budget are important aspects to take into consideration. A top-quality VDR will significantly reduce the amount of work needed to finish the project, thereby saving valuable resources and reducing your expenses. In addition, many VDRs have flexible pricing plans so that you can select a plan that is suited to your requirements. And with a free trial you can test the VDR before making a decision to purchase one.