How to Choose a Secure Data Room and Have a Simple Workflow

Choose the right data room that is secure and offers a simple workflow for establishing and managing data rooms. This is ideal for businesses that require sharing sensitive documents with external partners or third parties. A data room allows you to add documents, set auto-expiration or delete them and track who has seen the files, allowing you to check compliance and decrease liability.

Data rooms are usually used to conduct due diligence in M&A transactions. However they are also being used for other kinds of transactions, such as fundraising, restructuring and internal file sharing. There are a variety of virtual datarooms available. Each comes with its own set of features and prices. Choosing the right one for your needs can be daunting, but there are several essential aspects to consider when choosing a provider.

First of all, you must consider the storage capacity. This will depend on the nature and size of the documents you intend to upload and store in your data room. Text documents, for instance will occupy less room than high-res pictures and technical drawings.

You should also check whether your provider provides basic security features like multi-factor authentication and granular authorizations for users. iDeals, Datasite and Citrix are three providers that are highly recommended for their access security features, with iDeals with more advanced capabilities like user security impersonation remote wipe, mobile device management.

Annotation tools are an important factor to consider, particularly in due diligence projects. You should look for an agency that can provide both static and dynamic watermarking that can be applied to documents and folders and screen shielding.

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