Virtual data rooms (VDRs) are often used by accountants, lawyers and auditors of companies who need to access confidential information without risking an attack by hackers or a breach of compliance. A specially-designed VDR is designed to permit external parties to review confidential documents online in a secure environment with no risk.
VDRs are extensively used for M&A due-diligence. Companies that are acquiring or merging need a secure platform to store the relevant documentation and investors who are interested in investing need an easy method of reviewing it. A dedicated VDR allows the process to run smoothly and ensures that important information is only shared as needed. If a contract does not close in time, access to the VDR could be removed immediately.
Many VDR vendors offer a range of user management tools to keep control of the information that users can access. Always ensure that the platform that you choose includes robust settings for permissions so that you can limit access to certain types or information. This includes specific information such as the file’s name and size. In the ideal scenario, you’ll need to choose a platform with granular auditing and activity logs to give complete transparency into who is viewing what files.
If you’re planning to make use of your VDR for mission-critical business processes which don’t fit within a 9 to 5 workday Choose an option that offers 24/7 assistance. It’s worth paying extra to have experts available to answer questions and address issues.