A virtual dataroom (VDR) offers an online, secure environment for sharing and storing highly confidential documents. It is utilized by a wide range of industries to improve collaboration and communication among multiple parties that aren’t inside the firewall. Common applications include M&A and litigation, bankruptcy and fundraising, as well auditors.
When selecting a VDR ensure it’s secured by multi-level authentication and flexible permission settings that can be customized to fit your requirements. Also look for a VDR that is able to monitor the IP, device type and the location of users when they sign in to ensure that the data isn’t accessible from an unauthorised device or from a location. Another option to think about is two-factor authentication, which requires a password and additional specific information or codes to log in.
Find a VDR which can track document activity and provide customizable reporting. This will help you determine who has accessed and viewed which documents and which searches were conducted. This functionality is usually found in the base features of a quality VDR or you can incorporate it as an additional feature to existing solutions.
The best online VDR can help you complete your corporate transactions in a secure and efficient manner. It’s important to research and understand the security options, file sharing features and certifications, as well as customer support a service offers prior to signing up. Moreover, it’s important to test the VDR before you sign an agreement by requesting an opportunity to try it for free and then request to set it up for many members of your team.