In the past, companies went to extreme lengths to secure their most sensitive files in a secure location. A misplaced document could lead to lost opportunities or costly lawsuits. In today’s digital age companies can protect sensitive files by storing them and sharing them with a secure virtual data space.

Virtual data rooms are platforms for software that are used to facilitate sharing Discover More of documents during important business transactions like M&A deals, fundraising, IPOs, and due diligence procedures. They are a more efficient and effective method of sharing and exchanging documents than traditional email and cloud storage solutions.

VDRs provide superior security when in comparison to other cloud storage solutions. The most secure virtual datarooms have multiple layers of encryption and advanced technology, as well as access control methods. This makes them a solid digital fortress to protect your personal information. They also offer granular access rights such as view-only mode, view-only mode, and screenshot blocking to block unauthorized downloads and access. Many VDRs offer tools for reporting compliance to aid you in strengthening your position during negotiations and deal closures while demonstrating compliance with regulatory requirements.

A life sciences company, for example, may need to share confidential records of research or patient data with a variety of parties. A VDR allows for efficient collaboration and ensure privacy for all stakeholders, while keeping documents organized in a simple to navigate organization with standard file names.

Similarly, oil and gas companies are required to work with their external partners on a project but need to maintain strict data security for compliance. A VDR equipped with built-in document readers, multiple layers of data encryption, 24 hour backup, virus scanning and redundancy of data centers can help reduce M&A risk, accelerate deals and boost productivity.