Everything About VDRs
A virtual data room, also known as a VDR, is an online repository which facilitates the sharing of sensitive files and documents during high-risk projects. This includes M&A due-diligence, real property contracts or fundraising. VDRs place a high value on security and implement measures like secure data encryption, ad-hoc permissions for users, and simple access control.
This is an advantage over traditional file sharing platforms such as Google Drive, Dropbox or your intranet, which may expose sensitive information to hackers and put your business at risk. VDRs offer traceability. Administrators can monitor who accessed documents and at what time they were accessed, if the law on data protection permits it. This will prevent accidental disclosures, and prove the compliance of audits and regulatory checks.
Many companies have specific requirements for their business that they should consider when choosing a VDR. A good place to start is to determine the sensitivity of your documents and the volume you’re dealing with. If you’re working with low amounts of non-sensitive documents, then you don’t require the advanced security and collaboration features provided by the VDR.
Budget and time are also important aspects to take into consideration. A top-quality VDR will reduce the amount of time and resources required to finish a project which can save you money and valuable resources. Additionally to that, a lot of VDRs have flexible pricing plans so that you can pick a plan which meets your needs. And with a free trial you can test the VDR before taking a decision about one.