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Virtual data rooms are crucial for any company dealing with sensitive information. The most commonly used use for such tools is in M&A transactions to safeguard crucial information from unauthorized parties during due diligence processes. However, it isn’t just the M&A process that requires sophisticated protection – intellectual property like patents, research results and more are often involved in a wide variety of projects that require access to documents.

When selecting a data room ensure that it’s appropriate for your company and offers the features you require. Choose a service that allows you to try the platform and ask questions before paying the subscription fee and ensure that their price is reasonable based on the tools provided.

Search for a dataroom virtual with a robust security set to ensure only authorized individuals have access. A robust two factor authentication (2FA) system is essential to stop sharing that is not authorized, and remote shred, which erases downloaded documents once an administrator revokes access is an additional benefit.

The top data room providers will be in a position to limit access to a particular document or even an entire folder within a particular document. They can also create a time-limit for documents to stop unauthorized downloading. Administrators may also apply custom watermarks on files to deter people with questionable motives. They should also be able to handle the most commonly used file types, including PDFs and XLSXs.