Virtual Data Room Facts

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Virtual data rooms (VDRs) are frequently used by accountants, lawyers, and auditors of companies who require access to sensitive data without putting themselves at risk of an attack by hackers or a violation of compliance. A specifically designed VDR is designed to allow external parties to review confidential documents online in a secure environment with no risk.

VDRs are also used extensively in M&A due diligence. Companies that are acquiring or merging require a secure system to store the relevant documents and investors looking to invest in the future need an easy way to review it. A dedicated VDR will allow the process to be smooth and ensures that valuable information is only shared when required. If a contract fails to close, access to the information can be revoked at any time.

Many VDR vendors offer a wide range of tools for managing users to maintain control over the information users see. Always make sure the platform that you choose includes robust settings for permissions so that you can limit access to certain types of data. This includes granular details such as file names and sizes. It is also recommended to choose an option that provides the ability to audit your files in a granular manner, including activity logs. This will provide you with full transparency regarding who has access to which files.

If you’re planning to utilize your VDR to support critical processes that need to not operate between 9-5, then look for a vendor who offers 24/7 assistance. It’s worth paying extra to have experts available to answer questions and address concerns.