Lawyers accountants, auditors and lawyers require access to information without the risk of exposing it to hacking or causing a compliance violation, they often use a virtual data room (VDR). A specifically designed VDR is designed to allow third parties to look over confidential documents in an online environment, without risk.
VDRs are also commonly used in M&A due diligence. Companies that are purchasing or merging require a secure system to store the relevant documentation and investors looking to invest in the future need an easy way to review it. A dedicated VDR lets the process run smoothly and ensures that important information is only shared when necessary. If a deal doesn’t close in time, access to the VDR can be immediately revoked.
Many VDR vendors offer a variety of user management tools to ensure control over the information users see. Make sure that the platform you select comes with robust permission settings to allow you to restrict or deny access to certain types of data or files, including granular details like the names of files and their sizes. In the ideal scenario, you’ll need to select a platform with the ability to audit granularly and log activity to give complete transparency into who is viewing what files.
If you plan to use your VDR to assist mission-critical processes that will not operate from 9-5, look for an option that provides 24/7 support. It’s worth it to have an experienced team available to answer questions and concerns.