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A digital data room, also known as virtual rooms or VDR is essential for high-risk transactions such as M&A. It can speed up the due diligence process and negotiation, while protecting sensitive data from unauthorized access. A good VDR solution should be simple to use allow collaboration, encourage collaboration, and facilitate effective due diligence. At the same time it should be extremely secured — a breach of the security of documents can cause problems and put thousands or even millions of confidential information of individuals at risk.
A VDR with user permissions granular that block downloading, editing, printing or copying are essential to protect your data. Secure encryption both in transit and at rest ensures that even if hackers are able to intercept or steal files, they are useless. Likewise, customizable watermarks discourage users from sharing or stealing files that aren’t belonging to them. Other security features to look for include two-factor authentication that can reduce the theft of passwords as well as remote shred, which permits administrators to ban access to any documents that have already been downloaded from the private virtual data room.
Like any other technology that you choose to use, selecting a digital room requires research and evaluation. Be wary of VDR providers that spend more money on drinks, gifts, and other perks than they do on their product. It is essential to determine what features you’ll need from your VDR and then eliminate alternatives that don’t meet your needs. Also, you should determine if the provider offers flat-rate pricing for large projects. This will save you from unexpected overage fees and simplify budgeting.