Virtual data rooms are unique business software solutions that dramatically reduce the threat of cyberattacks and protect confidential files. They have become indispensable for due diligence, M&A and other business transactions. However, not all VDR providers are created to be the same. They differ in terms of functionality storage capacity, performance, and cost. Additionally, some provide extra services that aid in a smooth transaction.
A reliable VDR will provide a secure repository online, as well as robust security features. These include two-step verification and session timeouts. Other options include document watermarking and view-only modes. Screenshot blocking is also available. It is also possible to increase productivity by incorporating features like an adjustable dashboard or an integrated eSignature tool. The most effective VDRs also have a fast upload speed, virus scanning and a wide range of storage options.
Certain VDRs specialize in specific industries. For instance, some VDRs offer solutions that are focused on compliance to biotech and medical businesses. Others are designed to ease M&A due diligence. For example, SmartRoom is an M&A-centric VDR that makes life easier of deal-makers by offering features like a single sign-on process for all parties involved in the transaction along with built-in redaction tools and numerous tools for managing projects.
Other VDRs are designed specifically for specific sectors, like real estate, accounting, and law. These applications require the frequent transmission of documents that need to be secured from unauthorized viewing. Building construction is a prime example where contracts have to be exchanged with multiple contractors at the same time. A quality VDR will allow these documents to be stored and viewed easily, even for users who are located far away.