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Virtual data rooms, also known as VDRs, are online repositories that allow for the sharing of sensitive documents and files in high-risk project. These are typically M&A due diligence as well as real estate contracts, fundraising or IPOs. VDRs are focused on security of data through measures like strong data encryption with user-specific permissions and simple access control.
This is a significant benefit over traditional file sharing platforms like Google Drive, Dropbox or your intranet. These platforms can expose sensitive information to cybercriminals and expose your project to risk. VDRs also have traceability, which allows administrators to track who has accessed which documents and when (as as long as this is permissible under data protection laws). This can help prevent accidental disclosures, and also prove compliance in audits and inspections by regulatory agencies.
Many companies have unique business needs that they need to consider when selecting a VDR. The best place to start is evaluating the sensitivity of your documents as well as the volume you’re dealing with. If you’re working with low quantities of nonsensitive documents then you might not need the advanced security and collaborative features of the VDR.
Budget and time are also important aspects to take into consideration. A top-quality VDR can significantly cut down on the amount of work required to finish an undertaking, saving valuable resources and reducing your expenses. A lot of VDRs also provide flexible pricing plans, meaning you can pick a plan that suits your needs. Also, with a free trial you can test the VDR before signing up to one.