Virtual Data Room Facts

Lawyers, accountants, and auditors require access to information without risk of hacking or causing a compliancy violation, they often turn to a virtual data room (VDR). A specifically designed VDR is designed to allow external parties to review confidential documents online in a secure environment, without risk.

VDRs are widely utilized for M&A due-diligence. Companies who are merging or buying require a secure method of storing the relevant documentation. Investors looking to invest also require an easy method to review it. A dedicated VDR will allow the process to be smooth and ensures that valuable information is only shared as necessary. If a transaction does not close and the VDR is not accessible, access to it is immediately terminated.

Many VDR vendors offer a wide range of tools for managing users to control the information users see. Make sure that the platform that you choose provides robust settings for permissions, so that you can restrict access to certain types of data. This includes granular information like file names and sizes. You should also select a platform that offers granular auditing, including activity logs. This will give you full transparency on who is viewing which files.

If you are planning to utilize your VDR to view website support critical processes that need to not operate from 9-5, then look for an option that provides 24/7 assistance. It’s worth paying extra to have a team of experts on hand to answer questions and address issues.