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Virtual data rooms assist in the storage and distribution of confidential documents. They are typically used during M&A deals or loan syndication. They also facilitate private equity and venture capital transactions, or other corporate collaborations that require sharing of sensitive information with third parties. They also enable secure storage of intellectual property and prevent theft of intellectual property.
Some VDR providers are specifically designed for specific types of transactions or industries however, most provide a variety of security features which are essential for any data handling. Some of the most crucial ones include granular access permissions, multi factor authentication, document watermarking fence view that blocks screenshots, as well as other advanced security options.
VDRs also provide a variety of features for processing files that are not available in the most common file sharing platforms. For example, they can convert handwritten or typed text into searchable data, or scan paper-based documents into digital files and permit users to extract specific details from PDFs. They can even make files easier to read by converting them into various formats based upon the user’s requirements.
Before choosing a virtual data room provider, be sure to verify its security and compliance certificates. Find a service that has at minimum ISO 27001, SOC 1/2/3 and GDPR. You can also research the reputation of the provider on software review websites such as Capterra or TrustRadius. This will provide you with an insight into the company’s capabilities and customer service. Moreover, it will assist you in determining whether they can handle your data volume and complexity.
