Security Data Rooms

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Data Rooms are a solution for storing, sharing and managing confidential documents used in business processes or financial transactions. Contrary to physical storage that relies on security measures such as secured rooms and surveillance cameras, or the presence of a lawyer to ensure the confidentiality of the documents, Virtual Data Rooms (VDRs) are accessible online at any time from any location with an internet connection.

VDRs can be more secure than other platforms such as Dropbox, Google Drive and email, due to the fact that they are designed specifically for document management for enterprises. They include features such as multi-factor authentication and granular access controls, along with technology to prevent leaks. This includes features that can prevent accidental or malicious data deletions including the ‘view-as tool’ and dynamic-watermarking.

It’s important to keep in mind that even the most secure platform isn’t an all-encompassing solution and human error could always occur. It is crucial to choose a VDR with features that reduce the risk of errors, for instance an audit trail that records every action within the VDR and a log of users that lets administrators know what users have done with or modified sensitive data.

Additionally, certain VDRs also include advanced artificial intelligence features that can streamline collaboration and file management by automating repetitive tasks. This can speed up the process, ensure that files are organized, and make sure that no documents are duplicated. This is particularly useful during due diligence in M&As, construction projects or any other situation that requires large files to be exchanged between parties.