Cloud storage apps and free file-sharing services are great tools for sharing files but they don’t offer the full access permissions and security features needed for sensitive data exchanges such as M&A due diligence and capital raising. These tools lack the professionalism needed to impress LPs and investors, and they aren’t able to provide the flexibility that dedicated data rooms offer.
While the cost for premium software for virtual data room may seem high however, it’s worth the investment to ensure that your personal files remain safe during any transaction. Small- and mid-sized businesses can benefit from the cost-saving benefits of a virtual data room while big corporations rely on top-quality capabilities for their M&A due diligence and capital raising activities.
Select an VDR that comes with comprehensive security features to ensure that your data will be safe from cyberattacks or physical theft long after the project is completed. For example data rooms that include fence view feature allow administrators to remotely erase and lock data from stolen or lost devices. Physical data centers are also secured by 24/7 surveillance and access policies.
Many VDR vendors also offer advanced customer support to answer questions and assist users with setting up the solution. Many vendors provide email support, but some also provide concierge services. Additionally, many vendors allow you the ability to customize the interface along with the terms of service, as well as other visual elements that align with your brand. This makes it easier for everyone to comprehend the protocol and follow it during the transfer of data.