A virtual data room is the best option to share documents with a third party without the risk of a breach. A virtual data room is the most suitable option for due diligence content when it comes to M&A partnerships, fundraising, and asset sales. However there are a few differences between virtual data rooms. Not all rooms are created equal -they differ in terms of security, usability, and pricing.
A virtual data room must have a minimum requirement of two-factor authentication and granular user permissions to protect files from being stolen. Furthermore, the data room should encrypt files both in storage and during transfer. It is essential to have options that allow you to limit the ability of recipients to access downloaded files. This includes a reader-only feature, dynamic watermarks, and other restricted viewing functions.
A data space must have an intuitive interface that makes it easy to upload, organize and share files. It should also facilitate collaboration by offering a variety of tools for chatting, Q&A and live conference. It should also offer an application for mobile devices to allow access on the go. Reading reviews from users is vital before deciding on the right provider. iDeals has the best user ratings for usability, while Citrix and Datasite are also well-received by customers. It is also crucial to consider the features you will need to complete your project. If you are looking to speed up the process of due diligence, for instance, you should look for features that automate document numbering as well as an NDA/terms before allowing access, and a PDF Converter that doesn’t require plug-ins.