Are you looking for a solution to share documents securely and quickly? Then virtual data room software is your answer. Today, online data rooms are taking the market by offering robust data protection and security measures in addition to organized storage space. Other great features of the best virtual data room platforms include document expiry feature, document versioning control and fast downloads. What is more, best-in-class virtual data room solutions offer collaboration features for easy sharing and communication.
Since there are many products available today, we have compiled a list of the best virtual data room software solutions. This way, you can review them and see which product that best fits your needs. We hope that this article will help you in your search for software.
A Little Bit of Statistics
Most of the data produced around the world is transactional. This means that most data today is generated by financial institutions and companies related to their transactions, customers and suppliers. Because data thieves are unfortunately also aware of the value of this important information, countless data breaches have occurred over the years. This is why the adoption of data protection software is growing.
Every day about 5 million data records are lost or stolen around the world. This is alarming because it costs a tremendous amount of money to recover them. According to SecurityIntelligence.com, the average cost of a data breach to companies is estimated at nearly $4 million. Most data breaches result in the theft of your customers’ personal data. According to a survey conducted by the Identity Theft Research Center, this problem can’t be solved quickly. Nearly 62% of identity theft victims have not resolved their cases even after 5 years. This is devastating for both your customers and your company, as you will lose customer trust throughout this ordeal.
Thus, it is important to follow cybersecurity trends and have a reliable online storage facility where you can securely share and collaborate on files and other documents. Among the many virtual storage room offerings, there are 3 that are the best of what the market has to offer. Which one fits your needs? Find out.
The 3 Best Virtual Data Room for Secure Data Storage
1. iDeals Virtual Data Room
If you’re looking for a secure tool to share and collaborate on business-critical documents, iDeals Virtual Data Room is a good option to consider. It’s a document sharing platform that allows you to allocate files without worrying about their security. It offers tools such as single sign-on, data encryption, two-step verification, fence review feature, etc. to keep your documents secure.
What’s more, the platform also includes a variety of business tools to ensure your needs are fully addressed, ranging from question-and-answer tools, smart filters, keyword searches and secure Excel browsing. It also includes secure viewing of more than 25 file formats.
Features of iDeals
- Quick Implementation: Requiring no plug-ins to install, the tool can be deployed in an average of 15 minutes. Any device can be used to access the program – any browser, mobile device or computer.
- Reliable Support: If you need help, you can contact support 24 hours a day, 7 days a week, including holidays and weekends. Each time you call, the same project managers will help you.
- Secure Platform: All data centers are compliant, fully vetted and certified. In addition, the data is protected by encryption.
Firmex is an enterprise virtual data room widely used for a variety of processes, including compliance, litigation, and due diligence. It has a high degree of security. It uses document control, user permissions, dynamic watermarks, file locking and document expiration. This makes it an ideal platform for sharing, transferring and collaborating on sensitive documents. A key feature is that this online data room helps you easily organize your files with a directory list and a data room index. The index can be exported to PDF or Excel. Large organizations with tons of documents will appreciate this feature.
- Enterprise Level Features: If you are a large organization, Firmex is perfect for you. It supports mission-critical processes, huge file volumes, and auto-indexing that organizes documents for easy retrieval.
- Bank-grade Security: Firmex complies with industry regulations such as GDPR, SOC 2 and HIPAA, and has high-level security protocols such as firewalls and intrusion protection, physical data protection, continuous risk assessment and emergency management.
- Transparent Pricing: You can purchase an unlimited plan or, if your budget is limited, choose pricing based on the number of users and storage.
3. Intralinks Virtual Data Room
Intralinks is a virtual data room for M&A processes, improving the efficiency of transactions, global banking and capital market transactions. Built on a secure digital platform, information and transactions that are sensitive and high-level are guaranteed to be in safe hands. What’s more, it offers lifetime data protection, highly managed user permissions and advanced digital rights management(DRM) to ensure VDR security.
The system also includes machine learning to automate various processes, such as document sorting and contract verification, saving time and avoiding costly errors.
Features of Intralinks Virtual Data Room
- Faster Implementation: Deploying the system to your organization takes only a couple of minutes. You no longer have to wait hours or days to use the VDR tool.
- Business Solutions: Regardless of your purpose for using the program, it offers a wide range of options to meet your requirements. For example, it has solutions for M&A due diligence, capital raising, deal lifecycle, debt financing, and more.
- Industry- and Role-Specific Products: The tool is designed for advisory and corporate finance, alternative investments, banking and securities, corporate development, finance departments and legal departments.
Today, you can easily be overwhelmed with choices. So while it is recommended that you try the software first before signing up for its plan, it is not practical to try every offer on the market.
Your next best step is to try one of these safe platforms, and determine how they can address your specific needs.
The best application is iDeals Virtual Data Room because it packs powerful features into a well-designed and easy-to-use interface. You don’t need to be a security professional to use this program. This is possible because of the simple drag-and-drop interface. In addition, the program has an excellent download speed and many security features.
Finally, if you are on a tight budget, you can check out free information security software here.