When a third party requires to secure document sharing strategies access documents in your company, it is a good idea to have a virtual space that facilitates a smooth document-sharing process without putting yourself at risk of a breach or a compliancy breach. A virtual data room is the best choice for due diligence in relation to M&A, partnerships, fundraising, and asset sales. Virtual data rooms differ in terms on security, usability, and pricing.
A virtual dataroom should offer a minimum two-factor authentication, and granular access rights for users to secure their files from theft. Furthermore, the virtual data room should encrypt files both in storage and during transfer. It is also essential to have features that allow you to control what the recipient can do with downloaded files, like a viewer-only function, dynamic watermarks and other restricted-view functions.
A data room must have a user-friendly interface that makes it easy to upload, organize and share files. It should also facilitate collaboration by offering a number of tools for chat, Q&A, and live conferencing. It should also offer an app that can be downloaded for mobile access while on the move. It is important to review user reviews before deciding on which service to pick. iDeals is the one with the highest ratings from users for usability. Citrix, Datasite and other providers are also well-received by customers. Consider the features that you will require for your project. If you are looking to speed up the due diligence process for instance, you should look for features such as automatic document numbering, an NDA/terms before allowing access to the PDF Converter that does not require plug-ins.