Virtual data rooms are essential for any company dealing with sensitive data. These tools are typically employed in M&A transactions to protect crucial information from unauthorized third parties during due diligence. However, it’s not only the M&A process that requires advanced protection of intellectual property – intellectual property such as research results, patents and many more are commonly involved in a wide variety of projects that require access to documents.
When selecting a data room be sure it’s appropriate for the purpose and provides the essential features that you require to meet the needs of your business. Choose a service that allows you to try the platform and ask questions prior to making a payment for the subscription and be sure that the pricing is reasonable based on the tools available.
Find a virtual data room that has a strong security feature set to ensure only authorized users have access. It is important to have a strong two-factor authentication (2FA) system in place to stop unauthorised sharing. Remote shred that erases downloaded documents after an admin has revoked access is a fantastic feature.
The most trusted data room providers will be in a position to limit access to a particular document, or even an entire folder within one document. They can also set a time limit for documents to prevent unauthorised downloading. Administrators can also place customized watermarks to documents to deter users with questionable intentions. They should also be able to handle the most common kinds of files, like PDFs and XLSXs.