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How to Choose a Secure Data Room for Business

A secure dataroom is an area, either digital or physical, where confidential documents are stored and managed. They are also shared during high-risk transactions. They are typically used in M&A, IPOs, fundraising rounds as well as other deals that are high-value to ensure that sensitive documents are only accessible by authorized individuals. A data room could be managed by one individual or a number of people could be able to access it based on the organization’s structure.

Security and Encryption

It is important to choose a dataroom that is secure and has strong encryption protocols in order to protect against unauthorized entry. Choose a platform that requires two-factor authentication and that encrypts the data as it is stored. This will ensure your data is secure even if a server gets compromised.

Collaboration Tools

The possibility of working in real-time with your coworkers on projects through the tools for collaboration in the data room is a different feature that you should look for. You can then track the modifications made and when, which helps keep the project on track.

Activity Reporting

You should be able to monitor the usage of your data space with analytics features that track who accessed which files, when and for how long. Likewise, you should be able to download customized reports for each file. You should also be able to apply dynamic watermarks to your files that will prevent sharing and duplication without proper crediting. Also you should be able to implement Information Rights Management (IRM) security on downloaded files to give you greater control over the usage of these files within your local network.

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