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Data Rooms are a solution for sharing and storing confidential documents utilized in business processes and financial transactions. As opposed to physical storage, which is based on security measures like locked rooms and surveillance cameras or the presence of a lawyer to ensure privacy, Virtual Data Rooms (VDRs) are accessible anytime from anywhere with an internet connection.
VDRs are more secure than platforms such as Dropbox, Google Drive and email, as they are geared specifically towards document management for enterprises. They come with features like multi-factor authentication, granular permission controls, and also techniques to prevent leaks of data. This includes encryption of data-at-rest and features that can prevent accidental or malicious deletions, like the «view as» tool and dynamic watermarking.
Be aware that even the most secure platform isn’t able to completely be completely free of human error. This is why it’s essential to choose a VDR that has features to decrease the risk of error, such as audit trails that log every action within the VDR and an activity log that allows administrators to know when users have accessed and modified sensitive data.
Certain VDRs come with advanced artificial intelligence functions which can improve collaboration and file management, as well as automate routine tasks. This will speed up the process and keep files organized. It will also ensure that there aren’t any duplicate documents. This can be especially useful to ensure due diligence during M&A or construction projects or other situations in which large files need to be shared with different parties.