Virtual Data Room Reviews 2022 - UK Reviews
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What is a Virtual Data Room?
A typical case study is the mobile phone manufacturer Apple; What would happen if all the information stored in Apple’s icloud storage is exposed? Well, the psychological trauma associated with such a malady can only be imagined. Another case study which indicates the power of information is the trending Ransomware, Petya, which has affected banks, hospitals, government agencies and a host of others. This malware encrypts files on the computer of victims with the persons responsible demanding the victims pay to have such documents decrypted. If the victims had backed up their documents on a reliable cloud storage service, they wouldn’t have to face such trauma. There are several other situations which could put your information in jeopardy if it were to fall into the wrong hands.
The data room began as a physical storage location where companies stored their essential information. However, that has changed with the introduction of the virtual data room. A virtual data room is a web-based platform where documents are uploaded with several security features implemented to prevent unauthorized access to such documents. VDRs are similar to the free cloud storage offered by Apple, though they are more intricate, and yes, they are not free
What’s the connection between a virtual data room and information? The conventional practice of storing information on a hard disk puts such information at risk. It’s worse if the information stored is highly sensitive and when hackers breakdown the security of the computer on which such information is stored, the outcome is the information is leaked to a rival firm for a fee or perhaps exposed. Wikileaks has exposed sensitive information in this manner, equating to cyber theft.
The use of virtual data rooms isn’t limited to storing information but also sharing it with only privileged individuals. This explains why it’s becoming a common feature among different establishments. Institutions like banks and law firms engage their clients through such virtual data rooms. A virtual data room can be used for transactions which involve the sharing of sensitive information. One of the common uses of the virtual data room is mergers and acquisitions. Mergers and acquisitions come to mind due to the different phases in a merger which involve sharing highly sensitive information. This increases the outlay of the entire process.
However, the use of a virtual data room eliminates the cost of assembling experts in a physical deal room a common occurrence in the past. It also reduces the stress common with such deals which are important for any business transaction in the 21st century. The use of a virtual data room isn’t limited to transactions of the merger and acquisition variety, other industries like the health sector and law firms would find the virtual data room of immense benefit.
Virtual Data Rooms?
However, the use of a virtual data room is not limited to funds generation. Companies can interact with clients through data rooms. Most industries utilize a virtual data room for this purpose. However, an industry where this is relatively commonplace is law. Legal firms interact with their clients through virtual data rooms since it ensures highly sensitive information is not compromised through unauthorized access to such information. It also enables the lawyers to build their case without the continuous presence of their client.
Besides information sharing with clients, corporate bodies can share sensitive information with their employees in far away locations. This saves companies the resources they would otherwise spend on transporting a messenger to the location of the branch in question. This is exclusive of the increased risk of compromise of such information. Also, virtual data room providers cater to the storage needs of users. Companies can store information in a virtual data room for necessary procedures in that may occur future. The storage option provided by virtual data rooms is perhaps one of the safest, and it’s convenient. This can be explained by the numerous security and several other features typical of renowned VDR providers.
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A Firmex virtual data room also comes with tools that allow you to configure your specific virtual data room to your satisfaction. The versioning feature comes to mind. Uploading documents onto your virtual data room should be convenient with the variety of options you can use to carry out tasks of this nature such as ‘Email In’, drag-and-drop and several others. With the Firmex app on Android and iOS, authorized users can comfortably access your virtual data room from anywhere in the world. You can also log in through the specific URL provided making the platform remarkable. Let’s not forget the innovative ‘View As’ feature which acts as a preview of the security features applied in your data room. It comes in handy when you are setting up the permissions in your VDR, before you begin inviting users. Participants of a data room also get notifications whenever a document has been uploaded while administrators get notified when documents are downloaded.
Pricing remains one of the determinants of the use of the data room, and Firmex considers that factor in their pricing model. Use of their data room comes with no hidden charges; it’s limitless regarding the number of users and uses the virtual data room can serve. Also using the virtual data room comes with adequately outlined fees, so you know what you are paying for.
Editors Pick for Best Virtual Data
Firmex is that virtual data room vendor. It has sufficient security features for any business transaction. From personalised watermarks which identify points of information breach when such occurs to encryptions which prevent the interception of information shared in their virtual data room, Firmex has all of it. With administrative rights in a Firmex virtual data room you enjoy the permission management feature which can also serve as a security protocol since you control which user sees what, who downloads what and who prints what.
All participants in a Firmex virtual data room do not need any training in IT to utilize the data room which most businesses will find comforting since it saves them time and allows them to channel their to resources to the transaction which should be a priority. Pricing is a section which could tip the balance on decisions about utilizing a service. Firmex understands this simple fact since they provide a pricing module which lays all charges out on the table, so clients are well informed of the reasons for every charge.
Also, their pricing module has no limits to the number of participants which could deter the progress of your business transaction. Firmex also has innovative features such as the ‘View As’ which adds to its value as a virtual data room vendor. All these provide some insight on why Firmex is our number one in a list of outstanding virtual data room providers.
How to find the Best
Virtual Data Room Provider
We live in a time where information is probably one of the biggest assets a company can have. Some companies go as far as paying for some sensitive information which could be instrumental towards an increase in profit. However, with the value attached to information comes problems which could affect the operations of a company regardless of its size.
One of the main issue companies face in this era of informatics is information theft. A lot of unscrupulous people are aware of the value of information, and many steal such information and sell same to the highest bidder. Others blackmail the management of the company with a request for money else they could lose their sensitive information which could leave their company in ruins. While physical storage of information comes with the risk of fire outbreak and similar incidents which could render the information useless, storing information in devices such as a computer or mobile phone comes with its fair share of risk.
Cloud storage is meant to tackle the risk associated with information storage. Typical cloud storage options such as Dropbox, Google, iCloud, and Samsung have their inherent flaws in the lack of sufficient security which is needed for the sensitive information companies aim to protect against unauthorized persons. This leaves virtual data room providers with no rivals in this aspect as they come with the necessary security and other gimmicks to ensure clients store their previous data without any form of discomfort whatever.
Virtual data room providers are not only important for the storage facility they provide firms; they also serve as platforms through which business transactions and collaborations take place without fears of interception or the expenses associated with such interactions. The issue a lot of companies face when engaging with the services of a virtual data room vendor is the features which many of these VDR providers have incorporated into their virtual space. Some Virtual data room vendors prioritize mergers and acquisitions; a few are centred on ensuring their storage facility and collaborations propelling efforts is seen as standard around the globe.
This means a company will have to scrutinize the virtual data room provider and find out its strengths regarding the services it renders and if it matches with the needs of the company. Should you intend to engage the services of a VDR provider, below are some factors you would want to take into consideration:
For businesses on a budget, this would take precedence over other factors, while more established firms with adequate resources, pricing takes a back seat. Some virtual data room providers have a fixed rate pricing module with zero limitations regarding the number of users and the amount of data transferred using their platform. Others have caps on the number of users and quantity of data transferred with fees attached if you want such caps removed.
Also, like every other industry, the virtual data room sector exhibits discrepancies in price since entry firms can’t possibly operate a similar price module to a well established VDR vendor. A typical instance of such a situation is the huge gap in price offered by Intralinks and Box virtual data room provider. So, if you’re a company with limited funds with a need for a virtual data room provider, you might want to pay special attention to pricing.
Virtual data room providers always ensure their VDRs are secured against unauthorized access. There are a handful of VDR vendors which have the latest technology to prevent an organized attack against their virtual space. One of the security protocols you might want to consider in a virtual data room is the popular 256-bit encryption which should provide protection against interception of sensitive information you send across to a user in a VDR. Another is ensuring the VDR provider is ISO 27001 compliant and has is in possession of data centres.
Virtual data rooms with permission management are also worth considering since it gives you control over user access which could become important in the long run. Personalised watermarks also add some layer of security to a data room, so it’s another noteworthy security feature.
A virtual data room provider which operates beyond the traditional 9 – 5 working hours typical of a lot of organizations is one of the factors businesses consider in engaging VDR providers. It gets better when the usual cliché week days only aren’t applicable. Some virtual data room vendors operate around the clock customer support while some others only provide such service during business hours which excludes weekends. You might want to consider this factor before using a virtual data room provider.
Language is another factor which you would need to consider before engaging a virtual data room provider. Some virtual data rooms only cater to a few languages, while others support much more languages which would come in handy if your collaborators are from a different region.
If you’re unsure of when to use a data room then perhaps a little recap of what has been said above should provide some insight. Virtual data rooms provide avenues where representatives of companies can think for either collaborative purposes or mergers and acquisitions. Virtual data room eliminates the cost associated with physical deal rooms and still provides sufficient security for the information shared on the platform.
Though there are no restrictions on the kind of industries which can use a virtual data room, some industries have become more accustomed to it. Examples of such industries include Legal firms, Investment banks, Pharmaceutical companies and several others.