What Are the Key Features of a Virtual Data Room?
Virtual data rooms are used in businesses to store, organize, and share sensitive information. The users of these rooms include shareholders, investors, employees, and clients. Deal rooms should be secure, have ample storage, and enable easy access to information. Below are some key features that are included in data rooms:
Security
Virtual data rooms are used to store business taxes, assets, legal documents, employee information, and patient information. Federal laws such as the Health Insurance Portability and Accountability Act (HIPAA) require that healthcare organizations protect information stored in data rooms. Deal rooms should have administrative controls and passwords so that you can restrict access to sensitive information. They should also have data loss prevention measures such as watermarks to prevent the leaking of sensitive information. Also, having a reinforced firewall will prevent hackers from accessing the deal room by tracking and deleting corrupted files and malware and blocking suspicious users.
Document Organization
Document organization involves indexing, labeling, and categorizing documents for easy search and access. This saves research time as users search documents online using relevant keywords. Document organization also shows which documents are current, providing users with access to up-to-date information. It also separates sensitive information for authorized users from the documents accessible to all users.
Site Tracking
Site tracking monitors user activities including which documents they view, how long they view them for, and which ones they download. By using site tracking, administrators can view and block unauthorized or suspicious individuals in the deal room. Site tracking also helps administrators identify potential data leaks and security breaches and deal with them quickly. Site tracking also shows when documents were uploaded and edited so users can work with up-to-date information.
M&A Platform
A merger and acquisition platform is used to store, organize, and share data relevant to the M&A. It is only accessible to the investors and executives involved in the deal. The platform reduces time spent on mergers and acquisitions as administrators can make all the decisions online, saving time that would have been spent traveling back and forth between the involved companies. The platforms also have features that help executives manage the negotiations, closing, and post-merger integration online.
Integration
An integration feature allows the deal room to easily connect with external platforms. An integration feature will allow you to share documents easily and securely as users move the documents from the deal room and into the end user account, directly reducing the probability of data leakages. A data integration feature also verifies that data encryption and access controls are still maintained even when information is shared between different platforms.
Administrative Control
Administrative control allows managers to oversee data upload and deleting, and access the documents in the deal room. It also gives them the ability to block suspicious users remotely. With administrative control, you can create and delete accounts, create and change passwords, develop a unique branding for your business documents, and enforce compliance with the deal room regulations.
Set up Your Virtual Data Room Today
Various industries require certain measures to protect their documents and data. Virtual deal rooms provide a simple way to increase data security. Work with a reputable deal room vendor to find software that meets the needs of your business.