flevyblog

Flevy Blog is an online business magazine covering Business Strategies, Business Theories, & Business Stories.
MANAGEMENT & LEADERSHIP STRATEGY, MARKETING, SALES OPERATIONS & SUPPLY CHAIN ORGANIZATION & CHANGE IT/MIS Other

Best Virtual Data Rooms for Understanding Data Privacy

Featured Business Best Practice: A Comprehensive Guide to Digital Transformation

173-slide PowerPoint presentation
This is the "new improved" A Comprehensive Guide to Digital Transformation. What was one 141 slides had now increased to 173 because I have added a number of latest slides to the deck with new approaches, latest thinking additional "benefits" slides, a section on reasons for [read more]

* * * *

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/.

79-slide PowerPoint presentation
This document provides a holistic approach for undertaking strategic planning. While covering the traditional strategic planning approach, the document touches on adaptations that may be used in an unpredictable environment. Contents: 1. Strategic Planning Overview - Key questions and [read more]

Do You Want to Implement Business Best Practices?

You can download in-depth presentations on 100s of management topics from the FlevyPro Library. FlevyPro is trusted and utilized by 1000s of management consultants and corporate executives.

For even more best practices available on Flevy, have a look at our top 100 lists:

These best practices are of the same as those leveraged by top-tier management consulting firms, like McKinsey, BCG, Bain, and Accenture. Improve the growth and efficiency of your organization by utilizing these best practice frameworks, templates, and tools. Most were developed by seasoned executives and consultants with over 20+ years of experience.

Readers of This Article Are Interested in These Resources


103-slide PowerPoint presentation
Recent McKinsey research surveyed a large set of global executives and suggests that many companies, these days, are in a nearly permanent state of organizational flux. A rise in efforts in Organizational Design is attributed to the accelerating pace of structural change generated by market [read more]


 
63-slide PowerPoint presentation
 
 
Excel workbook

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.




Complimentary Business Training Guides


Many companies develop robust strategies, but struggle with operationalizing their strategies into implementable steps. This presentation from flevy introduces 12 powerful business frameworks spanning both Strategy Development and Strategy Execution. [Learn more]

  This 48-page whitepaper, authored by consultancy Envisioning, provides the frameworks, tools, and insights needed to manage serious Change—under the backdrop of the business lifecycle. These lifecycle stages are each marked by distinct attributes, challenges, and behaviors. [Learn more]

We've developed a very comprehensive collection of Strategy & Transformation PowerPoint templates for you to use in your own business presentations, spanning topics from Growth Strategy to Brand Development to Innovation to Customer Experience to Strategic Management. [Learn more]

  We have compiled a collection of 10 Lean Six Sigma templates (Excel) and Operational Excellence guides (PowerPoint) by a multitude of LSS experts. These tools cover topics including 8 Disciplines (8D), 5 Why's, 7 Wastes, Value Stream Mapping (VSM), and DMAIC. [Learn more]
Recent Articles by Corporate Function

  

  

  

  

  


The Flevy Business Blog (https://flevy.com/blog) is a leading source of information on business strategies, business theories, and business stories. Most of our articles are authored by management consultants and industry executives with over 20 years of experience.

Flevy (https://flevy.com) is the marketplace for business best practices, such as management frameworks, presentation templates, and financial models. Our best practice documents are of the same caliber as those produced by top-tier consulting firms (like McKinsey, Bain, Accenture, BCG, and Deloitte) and used by Fortune 100 organizations. Learn more about Flevy here.


Connect with Flevy:

     
  


About Flevy.com   /   Terms   /   Privacy Policy
© . Flevy LLC. All Rights Reserved.