What Are Data Rooms and Cloud Storage?
A data room is a digital storage space that houses confidential documents and allows the restricted access to read and evaluate the documents. It is a flexible tool that can be used in various projects that require management of files as well as document sharing and professional storage.
Unlike standard cloud storage solutions the data shared in a data room can be highly sensitive and confidential and any loss of this data could potentially be devastating to an organisation. Data rooms come with enhanced security protocols to prevent unauthorized access. This is not possible with conventional cloud storage.
Due diligence is the most typical application of a data space during a transaction. This may require a thorough review of tens or even thousands of highly sensitive documents. It’s crucial that the right people are in a position to complete this task in a secure environment. A virtual data room can aid.
When selecting a data space provider, be sure to verify their audited certificates and look for features such as multi-tier permissions, granular control over user activity, as well as Q&A and reporting tools. Consider looking at review sites for software to see what other users have to say about a particular provider.
iDeals has a great interface and support for due diligence. We’ve used it for a variety of transactions and would recommend it to anyone who is seeking a secure means to share sensitive information.