The transactional process has always been a big responsibility for all companies without exception, and that’s because the moment of transaction is when your confidential documents are most vulnerable. You have to exchange sensitive data with your potential partners, and while physical storage used to be used for this purpose, people have now moved to digital solutions. However, using unreliable means to transfer data online your company runs the risk of suffering a data breach and all its consequences. Use a virtual data room for transactions.
What is a virtual data room?
A virtual data room is a unique online space that has recently become increasingly popular among companies from a wide variety of industries. Data rooms have become in demand because of their powerful security features, which can be compared to the security of electronic banks. They allow you to store and share sensitive data in your space without any risk, and help speed up and streamline many workflows. VDRs are used for large-scale operations such as mergers and acquisitions, due diligence, IPOs, fundraising, and more.
Its document and user management features allow most transactions to be handled remotely while saving time and money. Data rooms have become a truly revolutionary solution in times of constant cyber threats and data breaches.
How does VDR prevent data breaches during a transaction?
Quality data room providers like virtual-dataroom.it provides its customers with state-of-the-art and effective security features that reduce the risk of data breaches to a minimum. Below we highlight the main VDR security features and their characteristics:
- Security certifications -they attest to the quality of VDR’s internationally recognized security
- Data encryption – encrypts the data, thus preventing access by unauthorized users, because to outsiders, the contents of the document will not provide any value in encrypted form. Encryption occurs both at rest and during document exchange
- Customizable access – this feature allows you to restrict the visibility of documents and entire folders to absolutely any user in the VDR space. You can configure group permissions for specific groups of experts, e.g., open financial data folders only to financiers, etc.
- Customizable permissions – Document interaction permissions, as well as access permissions, can be controlled concerning any document and user. Prohibit copying, printing, editing, forwarding, and downloading of the document to preserve document integrity and protect against data leakage
- Monitoring features -Space administrators can see what all users are doing, what they are doing to documents so there are no more questions about security or project activity
Advanced VDR capabilities
In addition to security features, other features of the space can also serve to advance the deal, among them:
- Simplified document organization -load and structure data with automated uploading and indexing features
- Fast search – find the right document by keyword in seconds
- Reporting and analytics -Virtual data rooms create automated reports that administrators can review. Based on these, you can decide whether there will be any results from the cooperation with those or other partners, as well as you can efficiently take the next steps and correct mistakes on time
- Collaboration tools – VDRs offer companies secure methods of communicating with each other without the use of third-party applications. So you can use encrypted chats to discuss important issues or a question and answer section where anyone can ask a question and get an instant response
- Notifications – users are automatically notified of every update or change within the room so they can stay up-to-date