A VDR offers a secure platform to store and share confidential materials, while maintaining strict security and traceability. Most companies need a secure platform to share data and files with external third-parties. This can include customers, vendors, auditors, contractors and advisors. Strong security controls ensure that critical business information is private and accessible only to authorized users. Owners can manage document viewing, printing and downloading permissions for individual users. They can grant and restrict access, track statistics and download reports
What is The Difference Between a Traditional and Modern Virtual Data Room?
Traditional VDRs have features focused on addressing specific needs for virtual data room providers. For example, some traditional providers have features that need users to download and install plugins or desktop software to enable certain security features. That can impede the user experience or wholly prevent prospective buyers or partners from accessing the data room. The software can be slow, need companion software (such as Java) and be incompatible with certain systems. Furthermore, many companies restrict employees from self-installing software due to security risks. Slowing a transaction or contract creates a lot of risk and frustration.
Modern Virtual Data Rooms weren't born as VDRs serving M&A deals. They are cloud-based content platforms that focus on a best-in-class user experience and extended product features. These platforms address many uses-cases and have very high levels of security. Modern VDRs have the vast majority of features that traditional VDRs have. For example, one can use Box as a Virtual Data Room to securely share any files through desktop or mobile, enable granular user permissions, watermark documents, store unlimited file versions, and much more. Box is also virtual data room uk Certified, where federal agencies certify Box with 325+ security controls to manage some of the country's most sensitive information. The platform also has advanced malware and ransomware protection. Most traditional VDRs do not have these certifications or protections. It may seem these enhanced security features mean more costs for customers. But it many cases, Box is cheaper than a traditional VDR as it uses a favorable price per seat model. Most companies are better off choosing Box. They get world-class security at an attractive price point.
Who Should Use A Modern Virtual Data Room?
Any company, team or individual that needs to have a high level of security, sharing, and privacy controls would benefit from a virtual data room solutions. Traditional VDRs focus on bankers and lawyers who work on financial M&A transactions. But most employees who need to collaborate on sensitive documents aren't bankers. Whether it's a project with proprietary intellectual property, sensitive marketing materials for a new product launch or private contracts, a modern VDR provides the security, accessibility and peace of mind to all parties involved.