A data room is a safe platform to share sensitive information with multiple parties. Contrary to physical data rooms virtual ones are accessible at any time and from any ISO27001-compliant environment. The number of users who are authorized to use the system can be unlimited, and the system is accessible 24/7, while physical data rooms can only allow one group at a given time to enter.
A virtual data room is an ideal solution for sharing confidential documents with multiple parties simultaneously and securely, regardless of whether it’s due-diligence, M&A or licensing, insolvency or restructuring. Virtual data rooms enable businesses to save time and resources, and communicate and collaborate more efficiently. Security is another advantage of a VDR as the platform guarantees only authorized users have access to documents and that they work within a specific framework.
The process of setting up a Data Room requires the user to register an account with the provider and then follow a step-by-step procedure to upload documents and change settings. When registering, users must agree to the terms of use and privacy policies, and he may be required to create an encrypted password and alter notifications settings. It is important to create user groups and configure permissions. Administrators can decide who can access certain documents, and also set the level of detail to be displayed on the documents. Once all the settings have been set the data room is able to be tested by granting test access to potential users.
