Financial, Legal and Audit tools for Data exchange

Now, online spaces are a fairly common way to exchange documents. E-mail and faxes have long been a thing of the past because they are not the most efficient and certainly not the safest way. If the exchange of confidential data within the company will leak, it can cause a serious blow to the reputation of your organization. VDRs are special online spaces that offer the most secure services today and in this article, we will explain in more detail why you should use VDRs to exchange financial, legal, and audit files. 

What is a virtual data room?

Virtual data rooms are cloud-based online spaces that are designed to securely store documents, make transactions, and share files within the program with third parties or between employees. The data is protected through encrypted access and this is one of the reasons why it is much more secure than email for example. Also, a very important point to pay attention to is that the data about your actions inside the program is not recorded and saved anywhere, everything that happens in VDR stays there. 

Different VDR providers offer different ways to exchange data in real-time. best virtual data rooms for example, offer an encrypted video or audio chat feature that instantly connects you to third parties and allows you to discuss important issues in a completely secure environment. 

All uploaded data to the space is distributed in the form of documents, and administrators decide which documents are allowed to be viewed by others. Third parties can’t enter the data room unless the owner allows it, and he can easily remove users from the space as well. 

Why virtual data rooms are relevant

Surely every company has had instances where, using an unreliable means of transferring information, they got to the wrong user, just because of an accidental misclick of a button. Half the trouble is when it is a personal message or some kind of formality, but when the SMS contains confidential information it can turn into trouble. 

VDRs are focused on providing the best security measures to their users because, in today’s digital world, that’s a priority. Even with today’s security features, organizations manage to be attacked by attackers through unsecured passwords or anything else.

VDR is designed so that it does not store any information that could be useful to hackers, no one can enter the space without a special invitation, so the data room is a great solution for transactions, due diligence, and M&A. 

Why should you consider VDR?

Data rooms are a modern, flexible tool that offers many benefits to their customers. For example, you can have access to the necessary documents for a transaction anytime and anywhere, this allows you to make important decisions even on the go and not waste time. Transact remotely and be assured of your security. VDR reduces the need to use paper documents and face-to-face meetings to zero. 

Additional security features give you complete control over what’s happening inside the room. Create your convenient file and access system to enhance document security, for example, you can create a separate room for legal documents and allow only employees who work in the corresponding department to see them. Administrators are also able to limit and enhance the users’ ability to interact with documents, they can prohibit printing, copying, or screenshotting and allow only certain people to do so.