Virtual data rooms are an essential tool for businesses to facilitate transactions. The appropriate VDR can make the difference between a smooth and efficient process, and one that is cumbersome, and can hinder the success of the deal.
A good virtual data space service offers customizable features to further safeguard sensitive data. They offer robust physical security measures, such as offsite backups of data and fire protection along with other physical security measures. These features include encryption of data in transit and at rest, dynamic watermarks that are placed on every page of documents that are printed or viewed as well as granular permissions to users that permit administrators to determine who is able to view, download, or print documents.
Another benefit of a virtual data space is that it provides the ability to centralize storage and share confidential documents. This drastically reduces the amount of time spent on emailing documents around and makes it simpler to access files for due diligence, collaboration on projects or other business tasks.
A good virtual data room offers an audit trail of all document and user activity. This is an essential aspect for companies that operate in highly regulated sectors, such as finance or healthcare where compliance is crucial. In the event of a audit or investigation it is important to know the times and people who accessed information can help ensure compliance.
In a recent case the largest pharmaceutical company employed a virtual data room in support of the complex merger with an industry giant. The VDR’s streamlined communication and increased security of data allowed parties to reach a successful agreement quickly.
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