Businesses often need to share confidential information with other businesses when they work together in litigation or business transactions. Virtual Data Rooms (VDRs) are online repositories for storing and sharing digital files in a secure manner. VDRs are an effective solution for large-scale projects and business operations that require the sharing and disclosure of sensitive documents, such as intellectual property financial data, the contents of case files.
When selecting a VDR be sure to choose one that comes with strong security features that go above and beyond the basic compliance requirements. Look for customizable permission settings including watermarking options, the ability to deny access remotely, and thorough activity tracking that gives administrators an extensive view of the way files are viewed, downloaded, printed or saved. You should look for an interface for users that is easy to navigate and designed to facilitate collaboration without compromising security.
Ask about the technical assistance offered by the VDR partner and if they are familiar with the specifics of your industry. The best providers offer 24/7 support via multiple channels, making sure that every question is answered quickly. Find a Q&A tool that allows users to send questions directly to email, and also allows administrators to efficiently manage and organize questions.
While most VDR providers boast about their ability to scale, make sure to inquire about specific data on performance and reliability. Find out about downtime, interruptions and delays to assess a vendor’s reliability compared with similar products. Ask the potential partner if their platform is compatible seamlessly with other tools in the technology stack of your organization.