Virtual data rooms are essential tools for securely managing information. Not all VDR providers, however, are created equal. The wrong VDR may expose your company to increased security risks and costs. Thankfully, there’s a way to determine which VDR providers are worth your business.
As you’re shopping for a VDR, start by reading online reviews and checking out their websites. You can also speak to a representative via live chat, phone or email to get an idea of the customer service experience and how they handle questions and concerns.
When looking for a service provider, be sure to check that they offer many features that will meet your specific requirements. This includes features such as document management, file encryption and collaboration. You should also look for a service provider that offers advanced security features such as dynamic watermarks, data encryption, and two-factor authorization to reduce password theft.
A modern VDR is one that leverages new business models and technology innovations like software-as-a-service delivery. This allows for a competitive pricing without compromising control and security.
While traditional VDRs often focus on M&A transactions, a modern VDR can be used by any business or team that requires a high level of collaboration and security controls. Examples include law firms, banks, mortgage brokers, venture capital companies, hedge funds and private equity firms.