A virtual data room that’s leading in the field has the tools required to help https://vdrcity.com/the-key-to-successful-document-management-understanding-virtual-data-room-security-features M&A professionals complete deals in a safe environment. They can store and access documents and files with confidence, without having to switch between various platforms. You can also be assured that this system is above industry standards in document security.
To safeguard their data from hackers, they should for instance, have a secure online repository with redundant data centers and virus scanning. Additionally, they should have security certifications like ISO 27001, SOC 1/2/3 and GDPR. Other aspects to consider include advanced permission settings, which let teams control who sees what and how many people can download, save, view or print each document. They should also have features such as watermarking and dynamically hidden pages that safeguard sensitive information.
They must have an easy-to-use interface and reliable performance to ensure that the platform doesn’t slow down or crash if users upload large numbers of documents. Other important features to look for include 2-factor authentication, external integrations and activity monitoring. The latter is a great way to spot potential roadblocks as well as gauge the degree of collaboration between users.
The most rated VDRs include SmartRoom, Firmex and Securedocs. SmartRoom is used extensively in investment banking, M&A and structured finance which offers faster upload speeds of up to 5MB per second, a smart lock that lets you revoke access to documents after downloading and redaction is built-in with DocuSign and dedicated project managers. The software can be customized and comes with a two-week trial trial. Firmex is a cloud-based software used in the financial industry to manage mergers, purchases and due diligence. It is an all-level security virtual data room that has advanced capabilities and competitive pricing.