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Virtual data rooms are available in a variety of sizes and shapes, and come with many features that make them suitable in a variety of business processes. But, despite their appearance there aren’t all created equally. In fact, small differences in function can make huge differences when your project is on the line. It is crucial to look through your options and choose the VDR that can provide the features you need.
If you’re seeking to streamline your mission-critical processes and transactions, or to facilitate M&A due diligence, a virtual data room can assist you in achieving your goals. Here are a few things to take into consideration when evaluating VDRs:
Find an VDR that supports the file types you require to upload. Some providers also provide additional services to ensure that the transaction goes smoothly, including consulting and training. Although these services aren’t required, they can save time and money if your company is involved in a difficult or high-value transaction.
To guard your uploaded documents against disclosure or access that is not authorized make sure you choose a VDR with strong security features. Multi-factor authentication, encryption, and audit trails are essential features to ensure sensitive data is protected.
Search for an VDR with precise permissions for groups, users and documents to ensure that only the appropriate people have access to the correct document at the right moment. It should also have features that prevent unauthorized downloads such as dynamic watermarking, and the ability to lock to IP. It should also permit you to cancel remote access even after the downloaded files have been opened.