Virtual data rooms (VDRs) are typically used by accountants, lawyers and auditors of a business who need access to confidential data without risking an attack from hackers or a violation of compliance. A purpose-built VDR is designed to allow external parties to review confidential documents online in a secure environment without risk.
VDRs are also used extensively in M&A due diligence. Companies that are acquiring or merging need an encrypted platform to store the relevant documentation, and prospective investors need an easy way to review it. A dedicated VDR will allow the process to be smooth and ensures that valuable information is only shared as required. If a deal does not close, access can be revoked instantly.
Many VDR vendors offer a range of user management tools that let you control the information that users can view. Make sure that the platform you choose is able to provide robust permission settings, so that you can limit access to particular kinds of data or files and even granular information like the names of files and their sizes. In the ideal scenario, you’ll need to select a platform with https://fishdataroom.com/the-best-virtual-data-rooms/ granular auditing and activity logs to give full transparency on who is viewing which files.
Also, if you’re planning to use your VDR to support business processes which don’t fit within a 9 to 5 workday Look for a vendor that provides 24/7 support. It’s worth the extra cost to have a team of experts on hand to address questions and address concerns.
