In a generation where technology like Merrill Data Room continues to dominate, every facet of society is expected to keep up. Over the years, there had already been various shifts from the manual to the automated, and almost anything these days could be accomplished online—purchasing, document processing, banking, to name a few. Although this transition has proven to benefit the masses due to fast and hassle-free transactions, it also poses a great threat to data privacy.
When consumers use online platforms, they input personal or work-related data that may fall into the wrong hands because of two main reasons: (1) weak security measures, and (2) capable hackers. The instance of stolen private information is especially risky for individuals, institutions, and industries that work with high-value data. One way to address this problem is through the use of a virtual data room.
What is a Virtual Data Room?
A virtual data room (VDR) is an online “storeroom” used for keeping and distributing confidential documents such as case files, intellectual property, financial records, and so on. Unlike the physical data rooms used in the old days, VDRs keep users from the burdens of booking an actual room and going there to peruse through numerous files. Instead, they provide a document database that could easily be accessed anytime, anywhere, but only by authorized users, thus being safe from unpermitted third-party interference.
How Does a VDR Differ from Other File Storage Services?
File storage and sharing services such as Google Drive, Dropbox, and Cloud are widely available across the web. While these platforms are utilized by thousands of users, entities that deal with sensitive data should know better than just go with the flow. Such generic file-sharing services do not have the optimum capacity to protect classified information.
VDRs, on the other hand, function much like safety vaults—they are especially designed to secure files in a way similar to that of financial institutions and leading banks. Compliant to international standards such as HIPAA, GDPR, and SOC 2, all the data that one stores in a virtual data room are encrypted and shielded by multiple firewalls.
What are the Defining Features of a VDR?
Aside from some of the security features mentioned above, virtual data rooms still have more to offer in terms of control and ease of use.
The VDR ensures that the administrator oversees and manages everything that transpires within the service. With these settings, it is assured that documents and files are still protected even when they are already shared.
Ease of Use
Files within VDRs are easily sorted and located due to the system’s organization features:
- numbering system
- drag-and-drop upload ability
Such options help users categorize and arrange documents for fast and efficient operation. This aids in conserving time and energy, which benefits both the administrator and the client.
How much Does a VDR Cost?
Virtual data room pricing varies across providers. The cost of a VDR is usually determined by the following:
- amount of data being stored
- number of users
- length of the deal
There are circumstances, however, when the pricing depends on the number of pages to be uploaded. Whichever the case, it is important that one chooses a VDR that is fit for one’s needs.
Actual experiences from peers, authentic testimonies, and free trials are just some of the ways that could aid consumers in deciding which VDR is for them. This way, they are able to keep their data safe and secure while getting the most out of what they paid for at the same time.