Undoubtedly, virtual data rooms are the best solutions for companies looking for a secure environment. So, to share confidential data and close deals. From mergers and acquisitions to fundraisers. Auditing, and capital raising, a virtual data room is the ultimate solution for secure data sharing. They save time, cost, and stress for businesses that deploy them and as it turns out. Investing in one of these VDRs is a profitable step.
But the question of optimal security still lingers in the air. A single case of data leakage can cost a company mouthwatering deals and millions of dollars. So it’s important to choose a virtual data room vendor with a reputation for excellent security amid other great features.
This is why we’ve rounded up some of the things you need to look for in a virtual data room. When seeking to get one. In no particular order, the list is below.
Seamless usage in a secure virtual data room
While the virtual data room is designed to protect data at rest and in transit. It should be flexible and easy to use. The administrator and every other employee or client with access to the room should be able to use it freely. It should be intuitive when performing minor tasks like sharing files, saving them, editing, and uploading.
Going forward, it should be so intuitive that just anyone with basic IT knowledge can use it effortlessly. It should also have a keyword search feature to easily access files by just typing their keywords. If it’s too complicated because it’s too secure, then the goal of enhancing board governance won’t be achieved. Having a user-friendly virtual data room that is optimally secured is an excellent combination that you look for.
Security
As you peruse through data room vendors or skim through the list of best data rooms, ensure to keep an eye on those with high-end encryption features. A safe and secure data room software should have an excellent encryption protocol or even a few of them for more security.
It should also have watermarks to protect your documents from any authorized data room user who decides to screenshot the information and use it elsewhere. It should also come with a two-factor authentication login feature that secures the room from hackers.
And lastly, a virtual data room with an alert feature that signals the administrator of any fishy activity going on in the data room is a superb option when it comes to security.
Q&A feature
When carrying out a data room comparison, you need to look out for those that facilitate seamless communication within the room. One of the highlights of this is the Q&A feature. Thanks to it, questions can ask and answers in real-time all within the room. Moreover, it is needless to send emails and leave the data room to communicate elsewhere.
Also, clients and associates can post questions regarding a specific gray area where they need more light, and the administrator can effectively provide the right answers for clarity. It’s a feature you can’t afford to miss using a secure virtual data room.
Support at a secure virtual data room
The electronic data room can become a beehive of activities, especially in large corporations. Due to the traffic in the room, it’s often common to experience some technical or network glitches. The ability of the vendor to offer unlimited support round-the-clock is essential.
Hence, it’s important to look out for data room services that offer maximum support whenever the need arises. It could be 2 am or 12 pm during the heat of the moment, support is what you asked for and you can be certain that you will be getting it. Most vendors go as far as dedicating a project manager for your data room alone which is the height of excellence in support using a secure virtual data room.
Permissions and control
One of the essential features of any data room is the ability of the administrator to permit and restrict access at will. It gives the administrator total control of everything happening in the data room.
The admin can not only grant access to staff and clients but can also restrict the amount of information these authorized users can have access to. They could view certain files and folders, but aren’t ready to view others. This access can be up at any time and whenever a deal is ready.
This is to ensure that at the end of the deal or a merger and acquisition, intellectual properties aren’t stolen. The admin only feeds you what he wants you to eat out of the room and that has to be relevant to your role in the deal. Nobody has access to information he’s not supposed to see. It’s that level of control and security that you should look out for in a data room.
Conclusion
Online data room software is one digital asset that any business can leverage to boost the effectiveness of deals, audits, M&A, and external relations with other businesses. However, when selecting from a list of data room providers, it’s important to look out for some critical features. Security is foremost, permissions and control are also important, and the same goes for seamless usage, support, and Q&A. This will help you maximize every dime invested in data room services.
