The security of confidential information during financial transactions is crucial. Virtual data rooms permit users to store and share confidential documents in a secure environment. They are typically used for due diligence during M&A deals however, they can be used for other purposes too.
The top VDRs offer a range of features to ensure documents are stored securely and shared throughout a deal or process. They can, for example include two-factor verification which requires not only the password is used, but also real data and codes that are unique to each user. This minimizes the risk of data breaches resulting from compromised passwords. Many VDRs also offer granular permissions that can restrict access to certain files. IP restriction is another feature that limits access to virtual data rooms to specific IP addresses. This helps protect sensitive information from being downloaded to unauthorised devices and helps prevent leaks.
Other features offered on certain VDRs include watermarking, which displays an irremovable identifier on each document, as well as audit logs that track the actions of the data room’s files. These are useful to identify who has accessed and modified which files and can aid in the investigation of data breach. Other helpful features include secure spreadsheet viewing, which assures that data stored in Excel files can only be viewed by specific users.
Verify the certifications and requirements of the data room to make Click Here sure that it provides the right level security for your documents. The ideal scenario is PCI DSS Level 1, ISO 9001 / ISO 27001, FIPS 140-2 and MTCS Level 3. Some investment banks have an approved list of companies that offer data rooms with whom they are pleased working. It is important to choose a data room service provider that has these credentials and has a solid reputation in the business.