For any company that has to deal with sensitive information A virtual data room is a must-have tool. These tools are typically employed in M&A transactions to safeguard critical information from unauthorized third parties during due diligence. It’s not only M&A that requires advanced security. Intellectual property, such as research results, patent-protected goods and many more, are often involved in projects that require documents.
When selecting a data room be sure it is fit for purpose and has the features that you require to meet the needs of your business. It is best to choose a service that allows users to test their platform and ask questions prior to paying an annual fee. Also, ensure that the price is fair and is based on the tools they provide.
Look for a digital data room that comes with a solid security features to ensure that only authorized users can access it. It is important to have a solid two-factor authentication (2FA) system that prevents unauthorised sharing. Remote shred that erases downloaded files after an administrator has revoked access is a fantastic feature.
The best data room software providers will be able to restrict access to specific documents or even a whole folder within the document. They can also impose a timed expiry on documents to prevent unauthorized downloads, and they’ll permit administrators to apply watermarks that are custom to the file to will deter dubious intentions from users who are not permanent. They will also be able manage the most popular formats of files, including PDFs and XLSXs.