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Frequently Asked Questions
What is a secure data room?A virtual data room is a cloud service that is designed to provide secure storage and sharing of sensitive business documents. These services allow businesses to simplify workflows and enhance due diligence processes by automating document management, and offering precise access controls. Data rooms are utilized by enterprises for M&A, IPOs and real estate asset management. They also utilize them for other projects requiring confidential collaboration and document storage.
Typically, companies use a data room for sharing security documents, including certifications patents, certificates of conformity, and other compliance information, with potential buyers or business partners in order to perform due diligence. Traditionally this information would be shared via email, making your company vulnerable to stolen credentials, phishing attacks and other threats. With a data room where you can upload all of your due diligence records and easily control who has access to what information and when.
Look for a provider that has features such as multi-factor authentication and dynamic watermarking. Also, consider fence view, complete tracking and redaction. These will ensure that your private information remains private. Also, find a data room that can support the most widely used file formats such as PDF and Microsoft Office so that you can upload all of the documentation you need to submit prior to making a deal.
A secure data room should have a simple, user-friendly interface that will improve collaboration and allow employees to work more efficiently. You should look for providers that provide features such as an interactive Q&A feature or a mobile application that you can download, and a unified dashboard so everyone is on the same page.
