A virtual data room (VDR) is a safe space to store and share sensitive information. It’s usually used in M&A due diligence, but it is also accessible to serve other purposes, like raising funds or selling an asset.
When selecting the right VDR for your project, ensure it is intuitive and simple to use. Improve collaboration through features proteored such as real-time annotation and commenting. This can help keep projects moving forward. You should also consider a VDR equipped with tools to control versioning to review and analyze documents during due diligence.
VDR security is key, especially as hacking incidents continue to rise. A reputable VDR will have extensive security measures for enterprise files, such as access only for view with granular permissions and watermarking and more. They also employ an approach to security that is multi-faceted. This includes physical security – redundant servers and 24/7 monitoring, and application security – encryption methods as well as user identification, audit trails, and much more.
The top VDRs offer a simple pricing model that’s comparable to other services you could utilize, like internet and cell phone plans. Look for a flat monthly or annual cost, with additional costs based on usage and features. This will help you avoid unexpected expenses and overage charges. Select a solution that has a backup/restore feature to ensure that your data is secure in the event of a catastrophe.