For any business dealing with sensitive information A virtual data room is a must-have tool. The most popular use for such tools is in M&A transactions to safeguard crucial information from being stolen by unauthorized parties during due diligence processes. It’s not just M&A that requires the most advanced security. Intellectual property, like research results, patentable products and much more, are frequently involved in projects that require documents.
When choosing a data room make sure it is suitable for your company and has the features you need. You should look for an organization that allows you to test their platform and ask questions before you pay for a subscription fee. Also, ensure the price is fair and based on the features they offer.
Look for a digital data room ideal Board tool with a robust security feature set to ensure that only authorized users are able to access the data. A strong two factor authentication (2FA) system is crucial to stop sharing that is not authorized, and remote shred which erases downloaded documents when an admin revokes access is an additional benefit.
The top data room providers will be in a position to limit access to a particular document or even an entire folder within a particular document. They can also set a timed expiry on documents to block downloads by unauthorized users, and permit administrators to apply watermarks that are custom to the file to hinder dubious intent from users who are not permanent. They will also be able handle the most common file types, including PDFs and XLSXs.