Virtual data rooms are an essential tool for most businesses to facilitate any transaction. Choosing the right VDR solution can mean the difference between a optimized process, and one that is difficult and can hinder deal success.
In addition to strong physical security measures, such as backups of data offsite and fire protection, a reputable virtual data room provider can offer customizable features that also protect sensitive information. These features include data encryption in transit and at rest, dynamic watermarks placed on each page of any document that is printed or viewed and granular access rights for users that let administrators determine who is able to view and download or print documents.
Another key advantage of a virtual data space is that it serves as an centralized location to store and share confidential documents. This can cut down on time spent emailing documents and allows easier access to files during due diligence, project coordination, or other business-related tasks.
A well-designed virtual data room gives an audit trail of each document and user’s activity. This is an essential feature for companies operating that operate in highly controlled industries like finance or healthcare, where compliance is paramount. The ability to track who has access to the data, when and for how long can assist in maintaining compliance in the event of an audit or investigation.
In a recent case a major pharmaceutical company utilized the virtual data room to facilitate a complex merger with another industry giant. The VDR’s streamlined communication and improved security of data helped the parties to reach an agreement quickly.
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