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A virtual data room is the most secure alternative for sharing documents with a third-party without the risk of a security breach. A virtual data room is the best choice for due diligence in relation to M&A, fundraising, partnership negotiations, and asset sales. However not all data rooms are created equalthey differ in terms of security, usability, and pricing.
A virtual data room must offer a minimum of two-factor authentication as well as granular user permissions to protect files from theft. Furthermore, the virtual data room should encrypt files both in storage and during transfer. It is also crucial to include features that allow you to control what a recipient can do with downloaded files, for example, an option to only view files, dynamic watermarks and other restricted-view functions.
A data space should have an interface that is user-friendly and makes it easy to upload and share files. It should also support collaboration by providing a variety of tools for chatting, Q&A and live conferencing. It should also offer an application that can be downloaded on mobile devices for easy access on the go. It is crucial to look over user reviews before deciding on which provider to choose. iDeals has the highest ratings from users when it comes to usability, whereas Citrix and Datasite are also well-received by their customers. It is also important to think about the features you will need for your specific project. For instance, if you wish to simplify your due diligence process look for options like displaying an NDA/terms of service prior to opening access for documents, automated document numbers and a PDF converter that doesn’t require plug-ins.