A virtual data room is an essential tool for managing, sharing and securing confidential information, whether you are facilitating M&A transactions, collaborating outside your firewall with partners or sharing confidential data to clients. All VDR providers are not created equal. In fact, selecting the wrong VDR can expose your business to security risks and cost. Thankfully, there’s a way to determine which VDR providers are worth your business.
When you’re looking for a VDR to purchase, read online reviews and visit their websites. You can also speak to a representative via live chat, phone or email to get an idea of the customer service experience and how they handle questions and concerns.
When choosing a provider, ensure that they offer a variety of features to suit your needs. This includes features such as document management, file encryption and collaboration. In addition, look for a provider that offers two-factor authentication to relieve password robbery and advanced security methods such as dynamic watermarks and data encryption.
A address modern VDR is one that leverages new business models and technology innovations like software-as-a-service delivery. This allows the VDR to offer a low price without compromising security or control.
While traditional VDRs often focus on M&A transactions, a modern VDR can be used by any business or team that requires a high level of collaboration and security controls. Examples include law offices, banks, mortgage broker, venture capital companies and hedge funds.