When comparing virtual room providers it is essential to consider their functionality as well as security features and cost. This article will assist you in evaluating your options and find the most suitable provider for your needs as a business.
The term “virtual data room” is used to refer to an online repository for storage and sharing of private data. The documentation is typically of high value and requires confidentiality to protect intellectual property. Virtual data rooms are frequently used during M&A due diligence as well as other kinds of business transactions. However, this technology is suitable for any business which requires sharing of confidential documents with third parties.
While free VDRs may sound tempting however they usually lack essential security features and are prone to data theft and data breaches. If your company has significant worth investing in a safe and well-respected VDR is highly recommended.
Some VDR providers charge on a per project basis, which is perfect for those who only need to share documents for a one-time transaction. Some providers charge per user, which is more costly reference but also provides unlimited storage and rooms.
Certain vendors are industry-specific, such as iDeals VDR which was built to support M&A Due Diligence. Others, such as Intralinks are geared towards large-scale deals and have advanced features such as real time vector watermarking and classification labels. Additionally, they offer the most complete compliance certifications, such as FedRAMP, HIPAA and GDPR. Furthermore, they allow for an incredibly precise access control system and can identify unusual behavior, for example, employees downloading the company’s entire library of documents.