Virtual data rooms are vital for any company dealing with sensitive data. The most popular use for such tools is in M&A deals to protect critical information from being stolen by unauthorized parties during due diligence processes. It’s not just M&A that needs advanced protection. Intellectual property, such as research results, patentable products and more, are frequently involved in projects that require documentation.
When selecting a data room ensure that it’s appropriate for your company and has the features you require. Find a company that lets you test the platform and ask questions prior to paying the subscription fee and be sure that the pricing is reasonable based on the tools offered.
Find a virtual dataroom that has a robust security system to ensure only authorized individuals have access. It is vital to have a strong two-factor authentication (2FA) system in place to block unauthorised sharing. Remote shred which erases files downloaded after an administrator has cancelled access is a fantastic feature.
The top data room software providers can limit access to specific documents or even a folder within the document. They may also impose the expiration of documents at a specific time to stop unauthorized downloads and they will allow administrators to add watermarks that are custom to the file to will deter dubious intentions from users who are only temporary. Additionally, they should be able click to read more to support all common file formats including PDFs and XLSXs.