What is a virtual data room|Data is gold! Well over 269 billion emails are transmitted daily. While many of those emails are generated by marketers, a large amount of the data that’s transmitted between email clients includes sensitive data that, in the wrong hands, could prove disastrous to involved parties.
Those realities are what has given way to the rise of virtual data rooms (VDR).
If you’re not sure what a virtual data room is or how it can help your business, you’re in the right place. In this blog post, we’ll quickly define virtual data rooms and then recommend the 5 best VDR applications that are on the market today.
What is a Virtual Data Room?
A virtual data room is a shared storage drive that exists in the cloud. This drive is encrypted, protected and makes the transmission and sharing of documents much safer than sending things via email. With the rise of data breaches each year in an exponential rate, it is almost mandatory to secure the sensitive data in the most secure way possible.
In a VDR space, people can upload important documents and set permissions on them so only certain users can perform certain actions.
You could make it so specific people can sign documents, view them, or, you could even make it so certain documents are invisible to a particular user.
What are Virtual Data Rooms used for?
Frankly speaking, virtual data rooms are mainly built considering the corporate business user in mind. If you are an average user and just need an extension for your daily storage, then these vdr services or virtual data rooms are not meant for you.
These VDR are mainly used to maintain the data integrity and security for larger organizations.
The data hosted in the data rooms are highly protected by complicated security protocols, a higher bit of encryption most often(256-bit encryption), highly trained professionals and often backed up by sophisticated backup servers to support their customers.
The main added benefits include advanced data sharing capabilities, access controls, support for a wide range of data formats, etc. For instance, if you want someone to view your document via VDR, then you can simply limit the period of that particular access and you can even control how long they can read the document. It is simply not possible for any other normal cloud storage services.
Of course, these features vary based on the data room provider that you elect to work with. The following are 5 great VDR providers that are worth taking for a spin.
1. Google Drive
Many of us have Google Drive already because it’s 100% free. What a lot of people don’t know is that it functions as a fabulous VDR.
You can upload documents to it, privately share your documents with certain parties and perform a host of other functions.
There may be some privacy concerns surrounding Google Drive but for the casual user, it should work well.
SharePoint is similar to Google Drive except it is provided by Microsoft and is included in 365 subscriptions.
SharePoint allows for the easy uploading and sharing of secure documents. It’s also integrated into many 365 applications so if you’re a heavy Excel or Word user, this might be the best VDR solution for you.
Docurex is the VDR of choice on https://www.dataroom-provider.com and is loved by mergers and acquisitions teams.
It’s easy to set up and offers a host of functions from advanced search to access rights and beyond.
Anybody exploring data rooms for M&A will likely want to put Docurex at the top of their list.
Dataroom24 has flexible pricing structures, encrypted access worldwide and is probably the most responsive data room software that we’ve tried.
This VDR software shines though when it comes to its user access controls. They are painstakingly robust which is a great thing when you’re dealing with very sensitive documents.
Rounding out our VDR picks is a cloud space that needs no introduction, Dropbox.
Dropbox is very similar to Google Drive and SharePoint. The big difference is that Dropbox does one thing well, securing and sharing documents. Those other two brands are jacks of all trades.
If you’re looking for an affordable specialist, Dropbox is worth a try.
Wrapping Up Our VDR Picks
We’ve just outlined our top 5 VDR picks and hope that you now know what you need to start shaping your search for the perfect data room.
Best of luck sharing and securing your documents and feel free to browse more of our content if you’d like more helpful business information.