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Virtual Data Rooms
17 October 2023Virtual data rooms (VDRs) help make it easier and safer to share important documents with other parties. They are widely used by businesses in various industries, including life sciences and technology, for due diligence and other business events like M&A capital raises audits, strategic reviews, and tenders.
A VDR has many advantages over physical storage. The files can be accessed from any location with an internet connection. They are not vulnerable to physical damage such as fires or floods and can be stored in a secure manner for as long a company desires.
The most common use for a VDR is to assist in an M&A process, where many sensitive documents have to be examined by potential buyers. During M&A due diligence it is the VDR allows companies to share confidential business plans, financial documents and other documents without having to be concerned about their security. Permissions can be changed dynamically and detailed logs of users’ activities can provide valuable information about the interests each buyer.
A virtual data space must have multiple layers of security that include physical security as well as cloud security, to ensure the safety of data stored online. A reliable VDR should back up its servers frequently, ensuring data loss in the event of technical problems. It should also employ encryption techniques, digital watersmarking and other features to deter hackers from gaining unauthorized access to files. It should be simple for compliance teams and teams to migrate data from other platforms into the VDR.