If a company’s lawyers accountants, auditors and lawyers require access to data without the possibility of hacking or creating a compliancy violation, they typically resort to a virtual information room (VDR). A VDR created for external parties is designed to allow them to access confidential documents online, without risk.
VDRs are also commonly used in M&A due diligence. Companies that are purchasing or merging require an secure storage system for the relevant documentation and investors looking to invest in the future need an easy way to look over it. A dedicated VDR lets the process run smoothly and ensures valuable information is only shared when necessary. If a deal does not close, access to the information can be revoked immediately.
Many VDR vendors offer a range of tools for managing users to control the information that users can access. Always make sure the platform that you choose has powerful settings for permissions so you can limit access to specific types of information. This includes granular details like the file’s name and size. You should also select an option that provides detailed auditing, such as activity logs. This will give you full transparency on who is viewing what files.
If you’re planning to use your VDR for mission-critical business processes that don’t operate within the 9-5 working hours Look for a vendor that provides 24/7 support. It’s worth it to have a dedicated team on hand to answer questions and concerns.
