Virtual data rooms are a practical way to store and share confidential documents. They are typically used during M&A deals or loan syndication. They also facilitate private equity and venture capital transactions, or other corporate collaborations that require the sharing of sensitive information with other parties. They are a safe storage of intellectual property, which prevents it from being stolen.
Some VDR providers are designed for specific industries or types of transactions however most provide a wide range of security options that are essential for any type of data handling. Some of the most crucial ones include granular access permissions and multi-factor authentication, document watermarking fence view that blocks screenshots, and other advanced security options.
VDRs also offer a range of features for processing files that aren’t available in the most basic file sharing services. For instance, they can convert handwritten or typed text into searchable data, or scan paper-based documents into digital files and permit users to extract specific information from PDFs. They can also make files easier to read by converting them into different formats based on user preferences.
Check the virtual data room provider’s security and conformity certificates before selecting one. You should look for a provider of virtual data rooms that is certified with at least ISO 27001 and SOC 1/2/3. It’s also a good idea to check the reputation of the provider on review sites for software such as Capterra and TrustRadius. You’ll gain an insight into a provider’s capabilities, and also their customer experience. It will also help you decide if they can handle the amount and complex nature of your data.
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