VDR software is designed to allow sharing of confidential files online with the highest degree of security and control. While the standard file storage platforms like Box or DropBox offer basic features for managing and organizing documents however, this VDR software was developed for due diligence processes that require more advanced features. When selecting a VDR look for the following features.
Due Diligence
When planning for a merger or acquisition, financial institutions rely on virtual data rooms to secure share documents with third party. The platform helps streamline the process through enabling simple navigation and efficient retrieval of documents with security at the folder level as well as indexing and version control. A reliable VDR also gives users access rights and secure downloads, as well as advanced search functions to help weed out duplicates and minimize the risk of unintentional disclosure.
The best VDRs offer a range of customizable permission settings which means administrators can grant or deny access to certain files and folders. They can also set expiration dates, or restrict remote access to digital rights management. They can also choose for documents to be automatically watermarked to provide an additional layer of security. In addition, they can utilize a VDR to securely collaborate with teams from other departments for projects that require sensitive documents like RFPs (request for proposal) or RFQs (request for quotation). A lot of modern VDRs are also compliant with HIPAA and are GDPR-ready and secure the data of EU citizens. This is vital for those working in the field of life science or healthcare. They also integrate with other tools for collaboration in the enterprise such as chat and project management.