A virtual dataroom (VDR) provides a secure, online environment for sharing and storing highly confidential documents. It is used in a variety of sectors to facilitate collaboration and communication between many parties that are outside the firewalls of companies. Common uses include M&A and litigation, bankruptcy and fundraising, as also auditors.
When selecting a VDR make sure it is multi-level authenticated with the ability to set permissions in granular ways that can be customized to your specific needs. Look for a VDR that can monitor the device’s IP address, type of device and location as users log in. This will ensure that the data can’t be accessed by a unauthorized device. Two-factor authentication is another option to take into consideration. It requires an account password, as well as additional information or codes.
Finally, locate a VDR that tracks document activity and provide customizable reports. This will help you identify who used which documents and conducted searches. A good VDR can provide this feature as a part of its core features or you can include it as an additional feature to your existing solution.
Picking the best online VDR is a key step to completing your company transactions in a safe and efficient manner. It is essential to research and understand the security options, file-sharing features certifications, features, and support for customers that a provider has to offer before signing up. It is also essential to test the VDR prior to signing an agreement. Request a trial for free and ask to be set up for several members of your team.
