Virtual data rooms (VDRs) are often utilized by lawyers, accountants and auditors of companies who require access to confidential information without risking an attack from hackers or a breach of compliance. A specially-designed VDR is designed to allow external parties to access confidential documents online in a secure environment without risk.

VDRs are also used extensively in M&A due diligence. Companies who are merging or purchasing require a secure method of keeping the relevant documents. Investors looking to invest also require an easy way of reviewing it. A dedicated VDR will allow the process to go smoothly and ensures valuable information is only released only when required. If a deal does not close, access to the VDR can be immediately revoked.

Many VDR vendors offer a range of tools for managing users to maintain control over the information that users can access. You should always ensure that the platform you select has strong permission settings so that you can restrict or deny access to certain types of data or files that include granular details such as names of the files and sizes. It is also recommended to choose a platform that offers granular auditing, including activity logs. This will give you full transparency of who is able to view which files.

If you’re planning to utilize your VDR to assist mission-critical processes that will not operate from 9-5, then look for an option that provides 24/7 assistance. It’s worth the extra cost to have a team of experts on hand to answer questions https://www.fishdataroom.com/how-much-should-a-virtual-data-room-cost/ and address concerns.