If a company’s lawyers accountants, auditors, and lawyers need access to data without risk of hackers or causing a compliance violation, they often turn to a virtual data room (VDR). A specially designed VDR is designed to allow external parties to review confidential documents in an online environment with no risk.
VDRs are widely utilized for M&A due-diligence. Companies that are purchasing or merging need a secure platform to store the relevant documents and investors looking to invest in the future need an easy method of reviewing it. A dedicated VDR allows the process to run smoothly and ensures valuable information is only shared when needed. If a deal does not close and the VDR is not accessible, access to it can be immediately revoked.
Many VDR vendors offer a range of user management tools that allow you to control the information that users can view. It is important to ensure that the platform you select is able to provide robust permission settings, so that you can limit access to particular kinds of data or files that include granular details such as the names of files and their sizes. Ideally, you should also choose a platform that has an auditing system that is granular and has activity logs to ensure full transparency of who is viewing what files.
If you plan to use your VDR to support critical processes that need to not run from 9-5, then look for a vendor that offers 24/7 assistance. It’s worth paying extra to have a team of experts available to answer questions and address issues.
