A virtual dataroom (VDR) provides a secure, online environment for sharing and storing highly confidential documents. It is utilized in a variety of industry sectors to facilitate better collaboration and communication between many parties outside the company firewall. Common applications include M&A, litigation, bankruptcy and fundraising, as also auditors.
When choosing a VDR be sure that it has multi-level authentication that includes flexible permissions settings which can be adjusted to your specific needs. Also, look for a VDR that can monitor the IP, device type and the location of users as they log in to ensure that data isn’t being accessed by an unauthorised device or location. Another option to think about is two-factor authentication that requires a password as well as additional facts or codes to login.
Finally, find an VDR which can track the activity of documents and provides customizable reports. This will allow you to know who has accessed and viewed which documents and the types of searches that were conducted. This feature is typically included in the basic features of a quality VDR, or you can add it as an addition to existing solutions.
Choosing the best online VDR is the first step to completing your company transactions securely and efficiently. It’s important to investigate and comprehend the security options, file sharing features certifications, as well as the customer support a service can provide prior to signing up. It’s also important to test the VDR before you commit to an agreement by requesting an opportunity to try it for free and then request to set it up for many members of your team.