A virtual data room for business is an online repository that provides a secure environment for sharing confidential documents beyond the firewalls of a company. It is used in a myriad of projects such as M&As, due diligence and project management.
The best VDRs have several security features that block hackers from accessing sensitive files. Some of these include granular permissions that permit administrators to hide files and folders from particular users, NDA pop-ups that automatically appear to all users who downloads documents, as well as activity logs that track all interactions in the VDR. Other security features include two-factor authentication, an adjustable dashboard and a secure SSL connection.
It is also important to think about the way a VDR provider manages the documents its customers upload onto the platform. Some vendors offer multiple tools for managing the information, including multilingual search (about 16 languages), OCR, file preview, and smart AI categories. This makes it easier for both large and small companies to locate and work with the information they need.
Another thing to look out for in a virtual data room is its pricing policy. Some providers charge monthly flat charges while others offer a variety of plans based on the number of pages, size of storage and per-user fees. A trial period of no cost is always a good thing when picking a provider.