How to Choose the Best Virtual Data Rooms

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Businesses need a virtual information room (VDR) to secure sensitive data from leaks while storing and sharing files. Online VDR providers provide a service that fulfills this requirement for all kinds of businesses from small start-ups to the world’s most renowned companies.

The best virtual datarooms are simple to use and secure. They also provide additional services like consulting or training. Many vendors offer these services at a discounted price when they’re purchased in conjunction with their VDR.

To select the most suitable online VDR, you must first determine what your company’s needs. Take into consideration the size of your project or transaction as well the amount of documents will be stored. For example, large corporations require a variety of document management features, whereas smaller businesses might only require the basics.

Some VDR providers offer specific services that could be useful in a particular transaction, for example, AiQ bidder engagement, or due diligence Q&A sections. Others have a broader scope and can be useful for all types of projects. For example, iDeals provides a comprehensive suite of business tools along with security features such as audit trail reporting, two-step authentication, and the fence view feature.

It is also important to look over the security certifications a service has obtained. Look for ISO 27001 certifications, SSAE 16 and SOC 2 certificates. Additionally, check if the vendor offers a free trial and/or demo version. A good virtual space should offer a free trial so that you can try the product before making any commitments.