Virtual Data Rooms Anual Market Study by Silicon Troves

Data and data security are becoming more and more important in the age of the Internet. Virtual Data Rooms are suitable for the secure storage of secret and confidential documents. However, there are a few things to consider. In this article, we will tell more about it.

Virtual Data room and how does it work

In today’s world, the protection of secret and confidential documents plays an extremely important role because the security of such sensitive documents should always be guaranteed both during storage and during an exchange. For this purpose, many companies rely on a Virtual Data Room in which confidential information is protected from unauthorized access. It is a password-protected room, on a server basis, or in the cloud. Data Room is typically used by companies to verify the financial, legal, tax, and economic circumstances of a merger or acquisition.

Nowadays the physical data rooms have been replaced by digital ones. Confidential documents are now made accessible through web-based interfaces. After logging in, the interested party arrives in a folder structure that holds the necessary documents ready for download or screen view. Interested parties can easily find their way through the clear folder structure and navigate through the various data.

All document pages are provided with watermarks, which show the exact time of viewing and the user ID. Some data rooms also offer the option of setting up photoprotection.

Tips for choosing a Data Room 

Some Data Room services have a fixed price model, others have restrictions on the number of users and the amount of data transferred. If you hesitate, what option to choose among the best virtual data rooms, there are some helpful tips:

  • Be sure to check the safety ratings and certifications of all potential providers. For example, ISO / IEC 27001 and 27002 are generally considered to be the highest level of information security a vendor can demonstrate. 
  • While many tools promise that they can be integrated with other platforms, you need to carefully evaluate the security of these integrations. While it’s easy to incorporate a public email service like Gmail or software like Microsoft Office, wonder if that’s something you really want.
  • Think about your future. Although many small online Data Room Providers provide a safe place to store documents during a merger and acquisition process or open financing round, this is exactly where their offers end. Look for tools that offer additional options to support your business needs.
  • If you are a company with limited resources and need a virtual data room provider, pay special attention to pricing. Some Virtual Data Rooms give free versions. That way, you can make your choice by trying different options.

The best Data Room Providers

The list of the most popular alternatives comprises:

  • iDeals Solutions is a highly developed and trustworthy Data Room provider. The experience and exceptional results have been tested by investment bankers, lawyers, and top managers from companies around the world.
  • The Cipherpoint SafeShare solution can be used as a data room in order to secure information in a fine-grained manner and to protect it from unauthorized access.
  • Dgard service is based on the internationally patented Sealed Cloud technology, the service is certified in the highest protection class.
  • Intralinks software offers numerous functions. Real-time support is provided by people who are very familiar with the due diligence process.
  • Digify offers secure virtual data rooms that can be set up and shared in a few minutes. It is easy for recipients to access documents and deals can be closed faster.
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