If you’re considering a virtual data room for your business, you may be pondering on what the benefits of the data room or over a general file sharing service. It’s a common question, and a good one at that.
If you’re considering a virtual data room for your business, you may be pondering
on what the benefits of the data room or over a general file sharing service. It’s a
common question, and a good one at that. Here, you’ll find out what those
differences are as well as the benefits of using a virtual data room for your file
Comparison to General File Sharing Services:
Google Drive, Dropbox and Evernote are great services for everyday users. They
provide storage space for photos, personal documents, music and more without
taking up valuable space on a computer hard drive. The syncing ability means that
consumers have access to their most updated files from all of their devices. The
downside to these services is that they offer very little in the way of security. This
is problematic for businesses that deal with sensitive documents.
What Types of Businesses Use Virtual Data Rooms?
Although most types of businesses can benefit from a secure virtual storage area
for their sensitive documents and files, there are certain types of transactions that
require these services more frequently than others do. These include mergers and
acquisitions, clinical trials, legal transactions and any business that requires due
diligence when it comes to having audit trails for their files.
Compliance and Due Diligence:
The benefit of a good virtual data room is that it complies with regulations set
forth by federal and state governments for maintaining a record of access and
changes to files. A virtual data room automatically creates these audit trails, so
there’s never a question of when files were accessed or changed when it is placed
in a virtual data room. That means that any time an agency request records of file
access or changes, it can readily be provided for the data recorded in the virtual
You’re not limited to only allowing an administrator to upload and view files in
the virtual data room. Multiple users can have access, and the administrator
controls the level of access that each person has. Privileges can be set to view
online only or to allow the user to download and save the file. This is much more
secure option than simply sharing a link with others.
Encryption and Watermarking:
When it comes to documents involving sensitive or confidential information, legal
matters or important transactions, you want to provide the highest level of
security and trust. A virtual data room such as the one provided by Citrix
ShareFile encrypts files to prevent them from unauthorized access or changes.
You’ll also be able to watermark your files to ensure that no one can take them
and claim them as their own.
Virtual data rooms make it easy to manage sensitive documents in a secure way
by restricting permissions and providing encrypted file storage. When security is
not a priority, a general file sharing service will do. However, if privacy and
security are important to you and your business, a virtual data room is the way to
go for sharing files.
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