Keeping and sharing of the sensitive data in a virtual space are becoming an irrevocable need of the modern deal-making environment. Multiple software developers provide businessmen with secure digital environments that are expected to facilitate the whole course of the project accomplishment - so-called virtual data rooms. Their most crucial task is to ensure security to digital versions of files. A virtual platform may be utilized not merely as a depository for confidential files but also as environment where several VDR users might exchange and discuss files, transactions, and deals. Therefore, data room providers canceled the requirement to accomplish the entire deal only throughout face-to-face meetings. As virtual repositories are becoming more and more popular, more and more vendors offer their services on the VDR market. However, not every existing platform is trustworthy and good enough to entrust them confidential corporate information. To choose a trustworthy virtual data room, the potential customer must consider certain characteristics.
1. Reputation and experience intrinsic to the virtual data room
Take into account the reputation of the provider. Habitually, it may be assessed on the basis of the marks posted online. Both - the ratings of lay public and the evaluation by experts - are handy when it comes to choosing a room vendor. Moreover, it may be informative to familiarize yourself with the details of the projects which were managed with the assistance of the virtual room and, perhaps, even to talk to the deal-makers from a company which has already utilized software developed by the vendor. Also, the experienced vendor will capable of providing customized solutions to a customer.
2. The tools the virtual data room can provide you with
If looking for a data room, a certain set of essential functions is expected to be checked. Thus, a decent virtual platform concentrates on information and access safety. The repository have to have all the needed certificates (SSAE 16 and ISO 27001), ensure encryption of the data, firewalls, 2-step user verification process, dynamic watermarks, etc. Also, the room owner must possess all the rights necessary to control access to the VDR in general and to chosen files, folders. Audit reports generated on a regular basis allow to track all the actions in the virtual repository. Despite being secure, the repository is supposed to be convenient in exploitation. Therefore, simple interface that facilitates navigation in the platform proved to be essential. Different search and upload options also facilitate and speed up the work in the VDR. The mentioned services do not form an exhaustive list of the tools which the businessman must expect from the virtual room: the demands will be dependent on the user's needs.
As there are a lot of provides on the market, the deal-maker have a possibility to search out virtual repositories of different price: the cost of exploitation varies considerable on the provider, on the estimated time needed for accomplishment of the transaction, on the advanced services expected, etc. That is why, the client must be down-to-earth and to determine how much he can afford to spend on the VDR.
4. The benefits you and your stakeholders will have an opportunity to experience
A room is supposed to be not only affordable and helpful for the data room owner but also fulfill the requirements of the owner's present or potential business partners. Maybe it is advisable to subscribe for the more famous repository when it is equipped with particular tools beneficial for the stakeholders.
5. Relevant set of functions
Before you choose a virtual room, holistic estimation of the needs and expectations should take place: not a single customer needs an overpriced platform which offers several valueless tools. The customer is supposed to make sure he is paying for the set of tools he really needs and expects - not for trendy and catchy services that have nothing connected with data protection and storage.
If following these simple tips in mind, the potential VDR user will have just a few uncertainties when selecting a virtual data room. Although the selection process may take some time, it is advisable to spend a bit more time and to try demo versions of several repositories than to select the very first data room which was available at reasonable price. You should remember the fact that you are buying for your safety and convenience and the virtual data room are not supposed to be the ones to save money on.