Investing in virtual data rooms proves more effective than investing hundreds of thousands of dollars to improve your cybersecurity in other ways. VDRs are secure online spaces specialized for businesses. These solutions provide secure storage and data exchange with third-party users during the transaction process. But the capabilities of a data room are not limited to security. This article will look at how VDRs can help your business.
What is a virtual data room?
A virtual data room was created along the lines of cloud storage, but it has a few key differences that make it an excellent option for business use. So, VDRs are online spaces that are equipped with military-grade solid security. They allow you to securely store sensitive company data, such as intellectual property or financial statements, and manage complex transactions or projects, such as IPOs, M & M&As, fundraising, legal and litigation, real estate projects, etc.
Data rooms allow you to set things up remotely and save you a lot of time in routine matters. They are affordable, accessible, and flexible to use, tangibly save you money, and allow you to conduct complex operations more efficiently and expeditiously. Furthermore, since Data Room is a remote work and collaboration program, no world events can disrupt your usual level of productivity. Below, we highlight why VDRs can be good for your business.
Improved Business Document Management
Working with documents is both the most mundane and responsible process. A virtual data room makes it as easy as possible because it offers the following:
- Secure and centralized storage
In the past, when physical documents were more common, each company department kept its records in different repositories, which added to the complexity of interdepartmental coordination. In the VDR repository, all those files are stored in one place and can be accessed from any device.
- Simplified File Organization
VDR allows you to create an unlimited number of folders and subfolders and upload various data formats, including videos, images, presentations, tables, etc. In addition, the program uses automation functions for uploading, converting, indexing, and searching.
- Simple sharing
Each invited user has different capabilities to access and interact with documents according to their roles. You can edit documents and leave comments and annotations depending on the qualifications.
Business Data Security
VDRs are the only certified online repositories that meet all current security standards. In addition, they offer the following security features:
- Two-factor authentication – to protect passwords from unauthorized access
- Access Restrictions – detailed control of interaction with the documents, namely, the ability to prohibit copying, printing, loading, transferring of the document
- Self-destruction function – ability to erase all data from the lost device remotely
- Digital Watermark – allows you to protect copyrights on the document and tracks any action taken on the file
- Data encryption -encrypts your data, both at rest and during sharing, limiting access to it to unauthorized parties. Even if a data breach occurs, a cybercriminal will not be able to decrypt the contents of the documents
Virtual data rooms are one of the most cost-effective ways to keep your sensitive data private. With it, you eliminate the possibility of storing physical documents and face-to-face meetings, which saves you operating costs for paper, other office supplies, and travel.
In addition, VDR allows you to complete transactions in an accelerated mode, which saves you time and increases productivity.