Secure storage of confidential data is crucial during business processes and transactions. Virtual data rooms permit users to store and share private documents in a controlled environment. Typically, they are used for due diligence in M&A deals however, they can be used for other purposes too.
The top VDRs provide a variety of features that ensure documents are safely stored and shared during a deal or process. For instance, they can include two-factor authentication that requires more than a password but also additional facts or codes that are unique to each user. This minimizes the risk of data breaches caused by compromised passwords. Many VDRs also offer granular permissions that allow access to certain files. Another feature is IP restriction, which restricts access to a virtual data room to a specific IP addresses. This stops sensitive data from being downloaded onto unauthorized devices, and helps to avoid leaks.
Other features that are offered on certain VDRs include watermarking, which is an immovable identifier for each document, as well as audit logs that track the actions of the data room’s files. These can be used to determine who has accessed or modified files, and can also aid in the investigation of data breaches. Other beneficial features include secure spreadsheet viewing, which ensures that data in Excel files can only be viewed by specified users.
When choosing a data storage facility, be sure to check its certifications and standards in order to confirm that it offers the right level of security for your documents. The ideal situation is PCI DSS Level 1 ISO 9001 or ISO 27001 FIPS 140-2 MTCS Level 3. Some investment banks have a list of approved vendors that offer data rooms with whom they are comfortable working. Look for a provider that has these credentials as well as a strong reputation in the industry.
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