The Complete Guide to Secure Data Room Providers
Such a phenomenon as virtual data rooms is now widely used in most large and medium-sized companies as one of the main ways of work optimization. The advantages of this software are numerous. One of them is increased security and access to all types of documents at once. Moreover, it is possible to track different actions with corporate information and the work of each employee who prepares and edits the documentation. You can even monitor the accuracy and performance of each team member.
What is a Data Room and why is it safe?
The VDR itself is used as a cloud data storage with many additional features to facilitate the work of the entire company. This includes such basic features as:
- Data storage security. Since online data room software is mainly used as work storage for valuable and sensitive documents, the level of security has to be at the top of the list for each virtual data room. Most of the top providers use the newest technology in the world of information security and make not only strong encryption but also put in addition different sensors to track unauthorized access.
- Accessible Artificial Intelligence. In general, AI at this point in life is the most developing technology that has penetrated various fields of human existence. Not surprisingly, the best data room providers have incorporated Artificial Intelligence into their products. What roles does it play there? Basically some fundamental things like proper synchronization of documentation online, detection of unusual actions, smart search, and so on.
- Tracking. Monitoring the activity of each employee within data room services is really a good feature that allows you to graph the performance of team members. With this function, you can easily notice weaknesses in the company or its strong sides. Plus you can open access to important corporate data to participants who really need that information.
- Chat internally in the app. This usually comes as a nice bonus for the team. All chats are secure and conversations cannot be intercepted because of good encryption. Work files and documentation can be forwarded within chats. Some virtual data room providers even allow you to sign documents within chats.
What defines Data Room security?
The tremendous layer of encryption and additional solutions like built-in indicators set VDR apart from any other corporate software. A good data room software works to the ISO 27081 standard, which means the highest security category for cloud solutions.
ISO is the largest repository of international standards, which gives a very great reputation and credibility.
What exactly is secured in an electronic data room:
- Secure document storage. VDRs allow you to effectively and securely store any information, even the most sensitive ones. According to Entrepreneur magazine’s research, the best data room providers have the same level of security as top-tier financial institutions like banks. But VDRs are much better than banks for the reason that the information they store will not be affected by natural disasters or anything like that.
- Securely send files to clients or investors. This tool has the ability to send work files to second parties securely and easily. It is simply the perfect software for the negotiation or contracting process because all documentation is transferred in seconds and has little chance of being compromised.
- Secure cooperation. Due to the presence of various kinds of trackers, you can always see who did what with this or that file.
How to choose a quality Data Room?
Everything is learned by comparison and the choice of this software is not an exception. There are a huge number of sites with reviews of this product. You can do a data room comparison to choose the best option specifically for your business.
Look at the availability of various features, both basic and optional:
Document Management. Various integrations with Windows Explorer, automatic indexing, mass uploading of files, Drag and Drop, and file search with labels. All this can help the whole company work.
Document security. Even though security comes first in most VDRs, it still differs from one provider to another. For example, some developers have dynamic watermarks and remote documentation removal.
Ease of use. The user interface is inherent in most cases only to certain applications. If you are going to compare virtual data rooms, you will encounter this first of all.
User management. Various permission settings, support for office applications like Excel or Word, and notifications. All of these should be available.
Any VDR can have a lot of functions. But the basic features are always the same. Their applicability depends on the type of your business and the need to use security standards while using the documentation.