How a Virtual Data Room (VDR) can benefit your business
When it comes to business, there is often information circulating that is intended for certain eyes only. So how do you keep it safe and ensure it doesn’t fall into the wrong hands? A virtual data room is an online solution for storing and sharing sensitive information, and it could be of benefit to your business.
Fast and easy access
One of the most important features of a virtual data room is that it gives you quick access to data and the ability to search and analyse it.
This increased speed to find data means that decisions can be made much faster, In business, time is money, and the more time you save, the more money you are saving.
You can also access remotely and at the same time as other users – the information is always there and accessible 24/7. So long as you or your IT provider can maintain multiple backups of everything, there’s virtually no chance that anything will ever be lost.
Unlimited storage space
Virtual data rooms have unlimited storage space. When you keep your business files as hard copies, you have to find a physical space to store all those documents.
Virtual data rooms eliminate the stress of making space for growing business data. You can keep your files in the cloud, which means as your business grows you can scale up your data room solution accordingly.
Virtual data rooms can reduce or eliminate some of your unwanted business expenses. You can easily store, manage and share your business documents through a single platform, which removes the cost of having multiple software programs that do the same thing.
Secondly, when you are sharing your data outside of the business, you do not have to spend money on buying office supplies, posting letters, and photocopying things. Although these expenses look small they can cost you a small fortune in the long run.
Data protection and security
The most critical issue for any business storing important information is data security. As with any technology, there is always the possibility of someone getting unauthorised access to your online systems. But a virtual data room reduces this risk, massively.
When you’re on the hunt for a VDR provider, look for the following:
ISO compliant – This means the VDR follows the guidelines set to protect Personally Identifiable Information (PII) in the cloud. ISO 27081 is considered the best when it comes to cloud storage.
Encryption – Virtual Data Rooms allow for your documents to be encrypted which stops cyber-criminals from being able to decode them.
Digital watermarking – This is incredibly useful as it prevents the illegal copying of data (including text, video and audio). It also allows you to track who is downloading or printing information, which fights against information leaks. The best VDRs have digital watermarking.
View restriction settings – You want to look for a VDR that allows you to be specific with document permissions and restrictions. For instance, you might want a team member to have access to one part of a document, but also to be restricted from another part of it.
Multi-factor authentication – Multi-factor or two-factor authentication reduces the chance that someone can get hold of your virtual data room password. It adds another layer of protection, with a secondary password, code or security question.
What’s the difference between cloud storage and a VDR? For uploading and sharing non-confidential documents, regular cloud storage can be a more cost-effective solution. However if you’re dealing with sensitive info or large amounts of documentation – a VDR is a good solution.
For more information about Virtual Data Rooms and advice on whether they are suitable for your business, get in touch at firstname.lastname@example.org.