If you are a business that is dealing with sensitive information the virtual data room is a vital tool. The most frequent use of such tools is in M&A deals to safeguard critical information from being accessed by unauthorised parties during due diligence processes. However, it’s not only the M&A process that requires sophisticated protection of intellectual property – intellectual property such as patents, research results and more are frequently involved in numerous projects that require access to documents.
When choosing a space for data be sure it’s suitable for the job and offers the necessary features that you require to meet your business requirements. You should look for a provider that allows you to test their platform and ask questions before you pay an annual fee. Also, make sure the price is affordable and based on the tools they provide.
Choose a data room that comes with a solid set of security features to ensure that only authorized users are able to access the data. It is essential to have a strong two-factor authentication (2FA) system in place to prevent unauthorised sharing. Remote shred which erases files downloaded after an admin has revoked access is a great feature.
The top data room software providers will be able to restrict access to certain documents, or even a complete folder within the document. They can also establish a time limit for documents to stop unauthorized downloading. Administrators can also place custom watermarks on files to deter users with questionable intentions. In addition, they will be able to handle the majority of commonly used file formats, including PDFs and XLSXs.