Whether for M&A or regulatory compliance or internal business purposes many companies need to share information with outside parties. The information is typically private and sensitive, and must be accessible without risking a breach or compliancy violation. This is where a virtual data space can be useful. VDRs are unique platforms for file sharing that allow companies the ability to securely store and share documents with anyone at any time.
To find the best VDR, you must first discover the specific requirements of your business. Finding a VDR which meets the needs of your business will improve efficiency, and let you get the most out of your investment. For instance, if plan to utilize the VDR for M&A choose a platform with a short learning curve and 24-hour customer support. This will ensure that your team is able to make use of the VDR’s functionality as quickly as it is possible.
When selecting the right VDR, the most important features to consider are their security and compliance capabilities. Security features that are robust like two-factor authentication session timeouts, session timeouts, IP-address restrictions and granular settings for permissions stop unauthorised access to sensitive files. A VDR provider that is compliant with certifications such as ISO 27001, CCPA HIPAA and SOC 2 can demonstrate their commitment to data management.
You should also choose a provider for virtual datarooms that is compatible with a range of operating systems. This will enable your team to access the platform from any device without having to install any additional software or plugins.
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