Features and Capabilities of Virtual Data Rooms to Consider

Over the last three years, businesses have become increasingly reliant on remote working solutions. As the world adjusts to its new normal, most companies now function primarily in the virtual world. Think about your average work day: storing data, transferring funds, managing files, and even hosting meetings is all done online.

When you’re dealing with sensitive information, the need for cybersecurity is greater than ever. If you want to ensure your coworkers are protected and your clients are happy, providing a secure online workspace is essential. One of the best and easiest ways to protect your company’s assets and prevent data breaches is by switching from common online storage space to Virtual Data Rooms.

What Is a Virtual Data Room?

A Virtual Data Room, or VDR, is the digital equivalent of a physical meet-and-greet, providing easy access along with first-class security.

In the past, if your company wanted to bring people together for important deals – such as mergers, asset sales, investor reporting, or board meetings – you would have gathered everyone in a conference room to exchange information. The major downsides to this were scheduling, time, and cost. In a post-pandemic world, there are also health concerns to consider.

Over time, physical data rooms transitioned into digital ones. This shift happened long before the pandemic, with businesses relying on common online storage spaces, like Dropbox, Google Drive, and the Cloud, to exchange information. Data, documents, and capital can now be transferred at the click of a button – but as sharing technology becomes more sophisticated, so do the ways outsiders can access online files that are intended to be confidential.

That’s where Virtual Data Rooms come in.

VDRs provide cutting edge security and management for all your data transactions. Companies such as the CapLinked virtual data room, Sharefile, and Firmex offer convenient, intuitive, and – most importantly – safe solutions to online file sharing. Their VDRs can help you streamline your workflow while ensuring information confidentiality. They also help prevent phishing, malware, and ransomware that can be disastrous for your business and your customers.

So, Why Choose a VDR?

The best part about using a VDR is that you remain in charge of file management, while still having the peace of mind that your digital information is being guarded by top-notch security. For example, a secure VDR uses advanced encryption on documents you store – this prevents unauthorized access from external sources. Good VDR companies will also allow you to manage access and track activity on your stored files.

What if you work for a company that has multiple branches across the country, and you want to make sure only relevant personnel can access certain files? What if you’re in the middle of a merger, and you want to revoke access to documents that have already been downloaded by both parties? By using a VDR, you can control who sees documents, and you can enable Digital Rights Management (DRM) on those documents. This helps you prevent files from being accessed, even after they’ve been downloaded. Whether you work at an international law firm tackling a tough case, or you’re a small business owner seeking to safeguard your IP, this is a must-have tool.

The convenience of a VDR is undeniable. Traveling to a physical data room is inconvenient for all parties involved, and sometimes downright impossible. Using common online storage is cheaper and easier, allowing you to circumvent the headaches of scheduling meetings and organizing printed documents – but what you gain in convenience, you lose in security. Switching to a VDR saves time and money by providing an accessible online workspace that guarantees safety and confidentiality for all parties involved.

Innovating in a Virtual World

In summary, if you’re seeking ways to improve your business workflow while increasing your security, you should consider switching to VDRs to conduct transactions and transfer information. Technology is always changing and advancing, and you need to offer fast, easy solutions for the people you work with. VDRs offer intuitive user interfaces, similar to the easy upload/download process of common online file sharing on platforms like Google Docs – but they excel in security and support.

And in this day and age, you can’t put a price on security.