In the last few years, virtual data rooms have become one of the most commonly used means of secure remote communication. This means that the demand for VDRs in the market has never been greater because companies need a tool that can provide them with quality communication with partners from other countries and ensure the security of sensitive data. Data rooms are an economical and efficient way to transact, but not every provider may be right for you. In this article, we’ll look at choosing a truly reliable VDR provider.

Compare the features that VDRs offer

One of the primary functions of a virtual data room is the secure storage and transmission of sensitive data, so spaces must have robust security features. However, programs are not limited to this task; VDRs have many other features, so each vendor’s feature set will differ in one way or another, depending on its industry and capabilities. When reviewing the characteristics of different VDR vendors, the most important thing is to make sure that their feature set will be helpful, practical, and safe enough for you. Below we will highlight some standard VDR features that are a must in your choice of provider:

  • Advanced permissions – the ability to prohibit and allow copying, printing, downloading, forwarding, etc.
  • Automation tools – bulk upload or drag-and-drop functionality and automatic indexing to make documents easier to organize
  • Smart search – allows you to find the data you need by multiple keywords
  • Activity tracking and audit trail -allows you to monitor the situation at all times
  • Question-and-answer section -for simplified and efficient communication between the parties to the transaction
  • Integration with Microsoft Office – so you can use familiar programs and store them securely in your VDR space

Compare prices and VDR pricing models

The question of the price should be approached as responsibly as possible. Of course, it would help if you did not choose the cheapest offer, but the most expensive does not mean the best. In addition, different online data room providers offer other pricing policies. For example, the price can be based on security features, storage space, the number of allowed users or rooms, and additional administrative or premium services. 

That’s why you should know exactly your requirements, priority conditions, etc. Then, ask yourself the following questions:

  • What security measures do you want to use -if you often deal with sensitive data, then you’ll need multiple layers of protection
  • What is the size of your deal or project – if your projects are not too big, then you can save on that
  • What features do you need for your project – sometimes, we overpay for features we never use

Comparison of security providers

Data leakage on the Internet is a severe and, worst of all, a widespread problem because most online repositories do not meet all modern security standards. Moreover, the methods of hacking are getting more and more sophisticated. VDRs are among the few who can withstand cybercrime, but you still need to choose your providers with caution and pay attention to their security capabilities. So, reliable data room software has these security features:

  • Modern 256-bit data encryption -encrypts data and prevents unauthorized users from accessing it
  • Security certificates – This is a sign that your VDR meets all international security standards. The best certificates are SOC 1, SOC 2, ISO 27001, HIPAA, etc.
  • Two Factor Authentication – protects your logon from unauthorized access
  • Access and collaboration controls – Allow and block access and other data activities for all users
Categories: Uncategorized