A massive number of data breaches occur during the data-sharing process when one user shares information with another through insecure routes. For example, when you send an email, the data in it is not in your control anymore because the recipient can use it in whatever way they want. However, using virtual data room software allows you to share data within the same platform — data never leaves the data room unless authorized by the administrators.
In other words, online data room software allows controlled data sharing in which only the authorized or authenticated user can access documents stored in the VDR. In simple words, virtual data rooms follow intrazone security principles where the data is kept in the same zone. This helps companies protect their sensitive documents from both external and internal threats.
Here is more about secure data sharing via data room software, but before that, let’s have a brief introduction to VDR technology.
Data room software or electronic data room software is a cloud-based digital platform that combines multiple technologies and offers three major services, including data storage or management, deal management, and safe online communication.
The primary function of any virtual data room software is to manage business data safely. It can be used to store and share all types of business or personal documents in all recognized formats. The data room users can only share VDR data with other users in the data room. The data can be copied, downloaded, saved, printed, or shared with external parties only if the VDR administrator permits it.Also read: Top 10 Business Intelligence Tools of 2021
Secondly, online data room software is used for secure online business communication. Communication can be intra-organizational and inter-organizational, but either way, it takes place inside the data room. An electronic data room provides tools for individual and group communication.
Lastly, and most importantly, thousands and millions of companies, firms, enterprises, and organizations employ VDR technology to facilitate or manage business deals. VDRs facilitate M&As, fundraising, asset portfolio management, litigation, capital raising, real estate transactions, and initial public offerings.
Read more about the benefits of virtual data rooms here: https://dataroom-providers.org/intralinks-data-room/
The best thing about cloud data management solutions is that they allow you to store your sensitive company documents in one place. That means you don’t need different databases for every department or section in your company. You can keep your tax records, financial statements, contracts, agreements, licenses, and any other document in a central data repository, which is easier to protect.
Getting into a virtual data room without legitimate credentials is almost impossible. Any high-quality data room employs a two-step verification feature to make sure only registered users can get access to the data room.
Some of the best data rooms go one step further and add additional identity confirmation steps to ensure more security. For example, if someone or even a user tries to log in from a new device, the data room will ask the user to clear more security checks just to make sure that the login credentials are not stolen.Also read: The Top 10 Digital Process Automation (DPA) Tools
Apart from data room security, the unique document security features make virtual data rooms an unparalleled data management platform. Even if an unregistered user/hacker gets into the data room, you can still protect your documents.
For example, you can limit user access according to their roles in your company. That said, an HR employee can be restricted from accessing financial documents and other files. Moreover, you can protect your highly sensitive files through the fence view feature. It protects the documents from being photographed, scanned, edited, shared, copied, altered, downloaded, and even screenshotted.
You can also use features like dynamic watermarks, remote document shredding, and document access revocation for more document security.
Data is not shared only via documents or files; the communication between the employees is also a form of data sharing. An electronic data room provides an array of communication tools that can be used for group and individual communication.
Virtual data rooms are so secure that the corporate sector often uses them for board communications and data management. Common communication features include chat messengers, Q&A modules, live polls, group chats, and audio/video calling tools.
A virtual data room user cannot cheat by any means. That said, the activities of all online data room users are recorded in the form of text reports, commonly known as audit logs. These records help the VDR administrators keep an eye on users’ activities.
The security of virtual data rooms revolves around centralized and controlled data sharing and management. That said, the data stored or shared in the VDRs don’t leave the platform unless permitted by the administration. This minimizes the chances of security breaches to a great extent.
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