A secure dataroom is a physical or digital place where confidential documents are stored, managed, and shared during high-risk transactions. They are typically employed in M&A, IPOs, fundraising rounds and other deals with high value to ensure that sensitive information is only accessible by authorized individuals. A data room may be managed by one person or several people depending on the structure of the organization.
Security and encryption
It is vital to select a data center that is secure encryption protocols to guard against unauthorised access. Select a service that requires two-factor authentication as well as encrypts the data in transit. This will safeguard your data even in the event that a server is compromised.
Collaboration Tools
You should also consider the ability to collaborate in real-time with coworkers via the data room’s tools for collaboration. You can track the dates and times when changes were made, which can help to ensure that the project stays on schedule.
Activity Reporting
You should be able to track the usage of your room with analytics features. They will reveal who has accessed which files, when, and for how long. You should also be able to download reports that are customized for each file. You should also be able to apply dynamic watermarks to your files that will stop sharing and duplicates without proper crediting. Also, you should be able to apply Information Rights Management (IRM) security on downloaded files for greater control over the use of these files within your local network.