Security of confidential information is vital during business processes and transactions. Virtual data rooms are typically used to share and store private documentation in a secure environment with controlled access for users. They are typically employed to perform due diligence in M&A transactions, but they can also be used for different purposes.
The best VDRs have a range of features to ensure documents are kept securely stored and shared during the course of a deal or process. For instance, they may include two-factor authentication, which requires not only a password but also additional factual information or codes that are unique to every user. This minimizes the risk of data breaches resulting from compromised passwords. Many VDRs also provide granular access rights which can limit access to certain files. Another feature is IP restriction, which restricts access to the virtual data rooms to a specific IP addresses. This prevents sensitive information from being downloaded to unauthorized devices and also prevents leaks.
Other features available on certain VDRs include watermarking, which shows an irremovable identifier on each document, as well as audit logs, which record every action on files within the data room. They are helpful in determining who has accessed and modified which files, and may aid in the investigation of data breach. Other useful features include secure spreadsheet viewing, which guarantees that data stored in Excel files can only be viewed by specified users.
Verify the certifications and requirements of the data storage facility to ensure that it provides the right level of security for your documents. The ideal scenario is PCI DSS Level 1, ISO 9001 / ISO 27001, FIPS 140-2 and MTCS Level 3. Some investment banks have a list of approved vendors that lists data rooms that they are pleased to work with. You should seek out an organization that can demonstrate these credentials and has a great reputation in the field.
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- Julho 27, 2024