Business security solutions are something that will never go out of demand, as cyber security threats are more than real and threaten business operations every day. It is this increased demand that has been the impetus for virtual data rooms to spread into use around the world at a rapid rate. Not surprisingly, VDRs give their customers the ability to securely store and share any sensitive documents within the space without any threats and thus conclude their transactions more efficiently. In this article, we’ll take a closer look at the concept of a data room.
What is a virtual data room?
A virtual data room is an online space that has the highest level of security, and therefore still does not have any decent alternatives. VDR allows companies to create a completely secure and controlled environment in which they can easily and conveniently manage documents and users. Companies can invite potential stakeholders into the VDR space as temporary users to conduct a transaction without the need for face-to-face meetings.
You can control access to your information and therefore conduct different, even the most complex business transactions within VDRs. This can include multi-tiered and long-term transactions such as mergers and acquisitions, IPOs, fundraisers, etc. The VDR space makes your employees’ jobs easier by automating many processes, saving you time and costs.
Key VDR functionality
Of course, all virtual data rooms are different from one another, but they do have a certain base of features that are most common among providers. Below, we’ll talk about the key features of VDRs, and what benefits they can provide:
- Detailed permission settings – These permissions are fully controlled by the space administrators. They have the power to grant and restrict permissions to any users, including company employees. Detailed permissions allow you to prohibit viewing, copying, printing, uploading, and forwarding documents, thus protecting the integrity of documents and making it easier for potential customers to do their jobs by eliminating distractions
- Comprehensive document security – this includes watermarking with the company logo or including other data in the document. This helps avoid data leakage and out-of-space document use
- Infrastructure security-The data room itself is also equipped with several robust security features that include disaster recovery and data backup, as well as data encryption to ensure the integrity of your data under all circumstances
- Document Management – VDR allows you to simplify document management in the space with automated features such as bulk document uploading, support for any file format, automatic indexing, and smart search. Thus, you will spend a minimum amount of time organizing your data, and it will take you a fraction of a second to find the file you need
- Support service – VDR’s support team is usually available 24/7 and is ready to provide help via phone, email, or live chat. In addition, the helpdesk also often provides data room training, in the form of webinars, materials, live streaming, or one-on-one consultations
- Sharing features – so that you and your third party can resolve all issues anywhere, anytime, VDRs provide you with a secure place to discuss all issues. This can be either an encrypted chat room or a question and answer section. Notification of each question will come automatically to every user so you can reply quickly as a result
- Comfortable interface – VDR providers try to simplify their space as much as possible so that your company does not spend too much time getting acquainted with it, this also reduces the chance of human error, because of an incomprehensible interface often happens irreparable errors