Online data room and SSL
Online data rooms are cloud-based services specifically designed for secure storage and sharing of sensitive documents. They are typically used during due diligence in M&A transactions, but they can be used for any business needing a trusted environment to share sensitive documents with selected third parties.
Utilizing a virtual data room makes the due diligence process much more efficient and effective because it provides a single, shared platform for all parties to review and access documents. This can reduce the amount of time you spend sifting through emails and other communication channels in order to find the information you require.
The majority of VDR providers offer a variety of security features designed to assure you that your confidential files are protected from hackers and other unauthorized parties. Typical features include two-factor authentication, SSO, and granular permissions. They may also offer watermarks that appear on each document, whether it is downloaded, printed or viewed. They could include the user’s IP address, date, time and other information.
VDRs can also be used to create and coordinate guided signatures among multiple stakeholders. This is a significant improvement over traditional methods of sending multiple copies of documents back and forth for sign-off which could result in editing conflicts and slow down the process of negotiating. A VDR can assist you in streamlined the process of obtaining digital signatures, and accelerate your M&A transactions.