Whenever a third party needs access to documents in your company, it is a good idea to have a virtual space that facilitates the sharing of documents without putting yourself at risk of a breach or a violation of compliancy. A virtual data room is the best option for due diligence when it comes to M&A, partnerships, fundraising and asset sales. However, not all virtual data rooms are created equalthey differ in terms of security, usability, and pricing.
A virtual dataroom should provide an at-least two-factor authentication and granular access rights for users to safeguard their the files from theft. The virtual data room must also encrypt all files, both during storage and during transfer. It is also important to have features that permit you to control what the recipient can do with downloaded files, like the viewer-only feature such as dynamic watermarks, dynamic watermarks, and other restricted view functions.
A data space should have an easy-to-use interface that allows users to upload and organize files, as well as share them. It should also facilitate collaboration by providing a variety of tools such as chat, Q&A, and live conferencing. It should also offer an app for mobile users to have access while on the move. Checking reviews of users is crucial before choosing the right provider. iDeals has the best ratings from users for usability, while Citrix and Datasite are also well-liked by their customers. Take into consideration the features you’ll need for your project. If you want to streamline the due diligence process for instance, you should look for features like automatic document numbering, an NDA/terms before allowing access to the PDF Converter that doesn’t require plug-ins.