If a company’s lawyers accountants, auditors, or lawyers require access to data without risk of exposing it to hackers or causing a compliance violation, they usually opt for a virtual data room (VDR). A VDR specifically designed for external parties is designed to allow them to access confidential documents online, without risk.

VDRs are also widely used in M&A due diligence. Companies that are buying or merging require a secure system to store the relevant documents and investors looking to invest in the future need an easy method of reviewing it. A dedicated VDR will allow the process to be smooth and ensures that important information is only released when it is required. If a contract fails to close, access to the information can be revoked at any time.

Many VDR vendors offer a wide range of tools for managing users to ensure control over the information users view. Always ensure that the platform you select is able to provide robust permission settings, so that you can limit access to specific kinds of files or data that include granular details such as names of the files and sizes. You should also select an option that provides granular auditing, including activity logs. This will give you complete transparency about who has access to which files.

If you intend to use your VDR to support critical processes that need to not operate between 9-5, then you should choose an option that provides 24/7 support. It’s worth paying extra to have a team of experts on hand to answer questions and address issues.

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