Virtual data rooms (VDRs) are frequently used by accountants, lawyers, and auditors of companies who need access to sensitive data without putting themselves at risk of an attack by hackers or a breach of compliance. A specifically designed VDR is designed to allow third parties to look over confidential documents online in a secure environment without risk.
VDRs are widely utilized for M&A due-diligence. Companies that are acquiring or merging need a secure platform to store the relevant documents as well as prospective investors require an easy method of reviewing it. A dedicated VDR will allow the process to run smoothly and ensures that valuable information is only released when needed. If a contract does not close in time, access to the VDR could be removed immediately.
Many VDR vendors offer a variety tools for managing users that let you control the information that users see. Make sure that the platform that you choose has robust settings for permissions, so that you can restrict access to specific types of information. This includes specific information such as the file’s name and size. You should also select an option that provides detailed auditing, such as activity logs. This will provide you with full transparency regarding who is viewing which files.
If you plan to make use of your VDR to support mission-critical processes that do not run from 9-5, then look for an organization that offers 24/7 assistance. It’s worth the additional cost to have an expert team on hand to help with any questions or concerns.
