How to Choose a Secure Virtual Data Room

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A secure virtual dataroom lets companies to share confidential documents securely with outsiders without having to worry about documents and files being stolen or damaged. It’s an ideal solution for M&A due diligence as well as restructuring and bankruptcy real estate transactions, legal matters and many more.

When choosing the best VDR provider, be sure to conduct your research and discover the security features that are available. Certain VDR providers offer a free trial to test out their service and see whether it meets your needs. You should also consider the costs of using the service, what kinds of documents and files you’ll be storing in the VDR and who will have access to it, and any other purposes it could be used for.

You should look for a VDR with physical security measures like industry-grade data centers solid backups, strong backups and fire protection, offsite storage, and biometric access. It is also important to ensure that the VDR provider has a business continuity plan as well as regular penetration tests and redundancy of data. Choose a VDR with audit logs and document activity tracking, single sign on (SSO) and artificial intelligence features that could assist in detecting errors as well as information organization and retrieval.

Look for a VDR that is SOC2 compatible (SSAE18), and has redundancy in the data center, as well as backups that are performed every day. It is also recommended to choose a VDR service that has 2FA, as well as the ability to require a PIN or a secondary authentication. Avoid any VDR that allows users to share login credentials as it defeats the purpose.

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