By Garima August 28, 2023 0 Comments

A secure data room is a physical or virtual location to keep, manage, and share confidential documents in high-risk business transactions. They are typically used for M&As, IPOs and fundraising rounds as along with other high-value transactions to ensure that sensitive information is only able to be accessed by authorized parties. A data room can be managed by a single person or several people depending on the structure of the business.

Security and encryption

It is essential to select a dataroom with strong encryption protocols to guard against unauthorized entry. Additionally, look for a system that is encrypted at rest and requires two-factor authentication to access the platform. This will protect your data even if a server is compromised.

Collaboration Tools

You should also look for the ability to work in real-time and with your colleagues via the data room’s collaborative tools. You can then keep track of the dates and times when changes were made, which helps to ensure that the project stays on schedule.

Reporting Activity

You must be able track the use of your data space with analytics tools that show who accessed which files, when, and for how long. Also you should be able to download personalized reports for each file. You should be able, in addition, to add dynamic watermarks that prevent duplication or sharing of files without proper crediting. You should also be able implement Information Rights Management security on downloaded files to have more control over their usage within your local network.

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