Virtual data rooms (VDRs) are often utilized by accountants, lawyers and auditors of a company who need to access confidential information without risking an attack by hackers or a violation of compliance. A VDR designed for external parties is designed to allow them to access confidential documents online, without risk.
VDRs are also used extensively in M&A due diligence. Companies who are merging or purchasing require a secure system for storage of the relevant documentation. Investors looking to invest also require an easy way of reviewing it. A dedicated VDR helps the process be completed smoothly and ensures that the important information is only shared when necessary. If a contract does not close and the VDR is not accessible, access to it can be immediately revoked.
Many VDR vendors offer a wide range of tools for managing users to control the information that users view. Be sure that the platform you select has robust settings for permissions, so you can limit access to certain types or data. This includes specific information like the file’s name and size. Ideally, you should also choose a platform that offers the ability to audit granularly and log activity to provide full transparency webpage into who is able to access what files.
If you’re planning to utilize your VDR to support business processes that aren’t confined to a 9 to 5 workday Look for a vendor that offers 24/7 assistance. It’s worth the extra cost to have an experienced team available to answer your questions and concerns.