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Best Virtual Data Rooms for Understanding Data Privacy
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Security is a leading feature and a primary selling point of data room software technology.
Millions of professionals and business entities employ virtual data room software for data privacy and automation during data-sensitive business transactions. In fact, data rooms have almost become a must-have asset for businesses to manage joint ventures, strategic partnerships, litigation, mergers, acquisitions, asset trading, and board communications.
However, not every virtual data room offers a similarly high level of data privacy. Each solution has its own set of security certifications, features, integrations, and practices in place to provide data security. In this article, we’ll explore what a secure VDR is, and what vendors should be trusted for information safety.
What Is a Secure Virtual Data Room?
A secure virtual or electronic data room, in simplest words, is a centralized, digital document repository hosted by certified online data room providers.
Data room software is globally used for data storage and management, online communication, and managing projects and business deals. The core objective of data room technology is to provide maximum security to your business data, especially during complex transactions like M&As, capital raising, IPOs, joint ventures, and due diligence.
One of the major reasons why virtual data rooms are better options for data management is the fact that they are run or hosted by certified service providers. These vendors comply with local and international cyber security standards such as ISO 27081, ISO 27001, ISO 27017, GDPR, FINRA, SOC2, etc.
Top 5 Most Secure Virtual Data Rooms
1. iDeals virtual data rooms
An industry leader and arguably the most used virtual data room software in the law industry and banking sector, iDeals can easily top any list of the most secure virtual data rooms. In fact, it won’t be wrong to say that security is one of the biggest reasons why the global business fraternity uses iDeals virtual data rooms.
iDeals is regularly employed in litigation, investment banking, due diligence, fundraising, and other similar data-sensitive ventures. Another good thing about iDeals is their unique customer support service; iDeals hires industry experts as their customer service agents that help you with technical problems but help you use your VDR optimally.
Apart from that, iDeals gives you the freedom of choosing any commonly used operating system to run its data rooms. That said, iDeals data rooms support Windows, Linux, Mac, iOS, Android, on-premise, and web-based deployment models.
| Notable features include access permission settings, two-step verification, secure file viewer, legal forms library, bankruptcy case management, and audit trail. |
2. DealRoom
DealRoom data rooms are amongst the most trusted ones when it comes to due diligence in M&As, fundraising, and similar processes. In fact, these data rooms are mostly associated with M&As and project management as the company usually targets medium to large-scale businesses.
DealRoom is not only known for its security, but its wide range of project management features that help businesses automate complex transactions. What’s more, DealRoom makes file management as easy as you like and provides in-depth and AI-based data analytics.
| Notable features include pipeline management, diligence management, reporting/audit logs, secure file storage, data encryption, buyer-engagement tracking, and a multi-deal timeline view. |
3. SecureDocs data room
A highly secure, simple, and affordable virtual data room, SecureDocs can be the answer to all your data storage, sharing, and management needs at the corporate and personal levels. SecureDocs not only provides data security but also automates the data flow in an organization and during the deal-making process.
Where data security is a notable feature of SecureDocs, its ease of use, 10-minute setup process, and flat monthly fee pricing model make it a great option for any size or type of business. SecureDocs VDRs are usually employed for fundraising, M&As, bankruptcy, litigation, and joint ventures.
| Notable features include a secure file viewer, two-step verification, access permission settings, and audit logs. |
4. Firmex virtual data room
A GDPR, SOC2, and HIPPA-compliant virtual data room, Firmex is a regular part of thousands of mega-scale deals and due diligence processes every year. Apart from impeccable security features, Firmex boasts industry-leading customer support service.
Firmex virtual data rooms are commonly used in the legal industry, investment banking, financial services, pharmaceutical companies, biotech companies, corporate funds management, renewable energy, audits, litigation, compliance, and due diligence.
| Notable features include audit logs, access permission settings, secure file viewer, document classification, and collaboration tools. |
5. Digify
A super easy-to-use data room that hardly takes 10 minutes to complete the setup process, Digify offers secure data room services to thousands of businesses, professionals, and companies around the world.
Whether you need to share data with buyers in M&As, or stakeholders/investors in your company, Digify can help you automate the data sharing process with 100% security. Due to its security features, Digify is regularly used for due diligence, M&As, financial transactions, fundraising, and other similar deals.
| Notable features include file tracking, digital watermarking, PDF protection, secure file viewer, access expiration management, access permission settings, audit trail, document access revocation, document classification, image protection, and collaboration tools. |
Final Words
Security is an uncompromisable feature in virtual data rooms, and insecure VDRs can cost you millions in the form of legal penalties and claim settlements. Data rooms like iDeals, Digify, Firmex, DealRoom, and SecureDocs are some of the best virtual data rooms in terms of security.
You can read more about each of these virtual data room providers and find more trusted virtual data room reviews here: https://data-room-software.org/.
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About Shane Avron
Shane Avron is a freelance writer, specializing in business, general management, enterprise software, and digital technologies. In addition to Flevy, Shane's articles have appeared in Huffington Post, Forbes Magazine, among other business journals.
