If you are a business that is dealing with sensitive information A virtual data room is an essential tool. These tools are typically employed in M&A transactions to protect crucial information from unauthorized third parties during due diligence. It’s not only M&A that requires a high level of protection. Intellectual property, such as research results, patentable products and more, are often involved in projects that require documentation.
When selecting a Data Room, ensure that it is suitable for your company and offers the features you require. You should select an option that allows you to test their platform and ask questions prior to paying an annual fee. Also, make sure the price is reasonable and based on the tools they provide.
Search for a dataroom virtual that has a robust security system to ensure only authorized users have access. It is crucial to have a robust two-factor authentication (2FA) system in place to prevent unauthorised sharing. A remote shred feature which erases files downloaded after an administrator has removed access is another great feature.
The best data room software providers can limit access to specific documents or even to a whole folder within the document. They can also create a time-limit for documents to deter unauthorized downloading. Administrators can also place custom watermarks on files to deter people with questionable motives. Additionally, they should be able to support all commonly used file formats, including PDFs and XLSXs.