A secure cloud storage site is an electronic data room that stores sensitive information and confidential files. Also called a deal room that allows businesses to share information with trusted stakeholders in a secure environment, enhancing workflow and boosting productivity. Many VDRs come with advanced security features, including access control that is granular including document tracking and version control. Some have redaction, which blacks out sections of files to keep personally-identifiable information private. Other features include fence view that hides a document behind a digital watermark to prevent screenshots. These features allow companies to comply with the regulations governing data protection, including GDPR and HIPAA.
Financial services firms need to keep a lot of information including regulatory compliance, information about clients to financial transactions. VDRs can streamline the entire process by providing secure, simple collaboration and round-the-clock accessibility. They also have a dedicated support team available to assist in the event of issues. A lot of the leading VDR companies offer a specific solution for banks to meet their specific industry requirements, for example, Bit’s data room for mortgage brokers and investment banking.
Due diligence in M&A is a common use case for VDRs. It requires an extensive study of sensitive documents. Datasite is a top-rated VDR that makes the M&A process easy and efficient. It comes with a user-friendly interface, and has excellent data security features. Additionally, CapLinked’s solution to immovable property offers a powerful secure environment for exchanging documents with investors without worrying about the safety of those documents.