What Are Data Rooms and Cloud Storage?
A data room is an online repository that stores confidential documents and provides restricted access to view and evaluate the documents. It’s an extremely versatile tool that can be utilized in a variety of projects that require document sharing as well as professional file management and storage from M&A to tenders and capital raising.
In contrast to standard cloud storage solutions, the information shared in a data room could be extremely sensitive and confidential and any loss of this data could be catastrophic for an organization. Data rooms offer enhanced security protocols that block unauthorized access. This is not possible with traditional cloud storage.
The most common use case for the data room is due diligence in any business transaction. This may require a thorough review in the thousands or tens of thousands highly sensitive documents. It’s crucial that the right people are in a position to do this in a secure and safe environment. A virtual data room could aid.
When selecting data rooms and cloud storage a data room provider, make sure to check the validity of their certificates and look for features like multi-tier permissions, granular control over user activity, as well as Q&A and tools for reporting. Also, look into software review platforms to see what other users have to say about their experiences with a particular service.
iDeals has a wonderful interface and support for due diligence. We’ve used it for several transactions and would recommend anyone seeking a secure method to share sensitive data.