The way technology has revolutionized business practices around the world, it created a massive room for the bad guys as well.
Even after investing hefty amounts in data security solutions, businesses are still exposed to high levels of cyber security threats. In fact, more than 99.2 million records were breached in July 2022 alone, and that’s a record-breaking number.
With that said, the corporate world needs better and stronger data security methods. One way to boost your business data security is to employ virtual data rooms. If you are new to this technology, here is a complete guide to virtual data room software and why it is important for your organization now.
What is online data room software?
Commonly known by different names, such as electronic data room or data room software, a VDR is a digital document repository developed through cloud technologies. Anyone, including professionals, service providers, companies, firms, nonprofit organizations, charities, enterprises, associations, unions, and even government organizations, can use a virtual data room for storing, sharing, and automating data management systems.
What’s more, electronic data room software is a multi-function business solution that boasts the latest communication tools used in the business sector. The best part is that communication in the data room is centralized, and users don’t need external communication tools to exchange messages.
The biggest reason why virtual data rooms are so famous in the global business fraternity is their usage in data-sensitive business deals that may include initial public offerings, capital raising, mergers, acquisitions, joint ventures, investment portfolio management, crowdfunding, and real estate trades.
Read on to learn more about data room usage in the above-mentioned transactions here: dataroom-providers.org.
Why does your business need virtual data room software in 2022?
Virtual data room software provides data security like no other solution on the data security market.
To start with, every certified virtual data room vendor guarantees a banking-grade data security system. Beyond that, they offer a centralized repository for your sensitive documents, while making sure you have fully manageable control over them.
To conclude, here is why data rooms are a great asset for your business.
Central document storage
Imagine how expensive and difficult it is to keep multiple business data storage units for different departments or subsidiaries. A decentralized data storage system requires more financial resources, and you need the data management and cyber security experts to protect those databases.
Online data room software gives freedom from wasting your human and financial resources in such a manner. You just need to hire reliable and certified virtual data room services, upload all corporate documents from your main account, and categorize them into folders and subfolders just like you want.
Your every business document will be in one place, which is also easy to access. As for data backup, virtual data room vendors keep multiple backup copies of every document uploaded on VDR.
Unprecedented data security
The core reason why businesses from all over the world use this technology is its premium quality data security features. From protecting the data room to keeping your documents safe, a VDR employs an unbreakable security layer at every step.
- Firstly, all the best data room providers, like iDeals, Merrill, Firmex, etc., have industry-grade hardware and servers with 99.5% uptime. Their multi-location servers make sure you don’t lose your important documents to floods or other natural calamities.
- Secondly, the two-step verification or multi-factor authorization are two important security features to ensure that only registered users can log into the data room. If the VDR administrator finds any irregular or suspicious login attempt, it can immediately remove that device from the VDR.
- Best of all, digital data rooms can help you find the culprits in case of data leaks. Thanks to detailed audit logs generated by VDRs, you can easily see the details of every single function performed in your data room.
100% control over your data
You won’t find many data management solutions that give you 100% control over your documents at every stage, but an electronic data room sure does. Here are some most important document security features of VDRs:
- Document access control. VDRs’ ability to restrict any user from accessing specified documents, pages, or folders in the VDR.
- Remote document shredding. You can remove any document from any user’s device and its browser’s history, even if it is downloaded.
- Document access revocation. A user’s access to a document can be revoked anytime without giving any notice.
- Dynamic watermarks. A digital watermark added to a document can negate the chances of copyright issues.
- Fence view. It is a phenomenal feature that makes sure no other function can be performed on a document except for only fence-viewing it in the VDR.
Growing cyber security concerns and everyday business data breaches require trustable and highly resistant solutions for maximum data security. Virtual data rooms are among such data management solutions that make data storage, sharing, and management easier and completely secure.