Virtual data rooms close a critical gap when working from anywhere, thanks to their security and transparent user-friendliness. But not every data room offers the same functions, and not every provider has a comprehensive security concept. This article will explain how to choose an ultra-secure data room solution.
Virtual data room: how to make your business more secure?
Technology improves our lives in all areas, and digital data rooms are a completely safe tool that allows you to store all company documents in the correct order. In the case of sensitive files, such as financial plans, patents, contracts, or technical drawings, there is hardly any minimum legal protection. Nevertheless, business-critical information can be vital for companies and is subject to strict confidentiality. Disclosure can have serious repercussions, ranging from business interruption to reputational damage to drastic financial loss.
Today, many companies are introducing online data rooms to organize the process of sharing business-critical information between parties and set up well-protected business cooperation. The platform is a secure online space where authorized users can store and access documents and other files. This system allows for a much more efficient and safe exchange of information than traditional methods such as physical document storage or email attachments. Virtual data rooms create a structure that allows tracking all edits, comments, and file versions within an activity stream and – if necessary – accessing earlier versions via the document history.
So, among the most popular software options in the market, there are:
- iDeals
- Intralinks
- Ansarada
- SecureDocs
- Digify
- Firmex
- OneHub
- DealRoom.
Primary criteria for choosing an ultra-secure data room provider
When deciding on a provider, companies that want to share their data in virtual data rooms should ensure that they have a comprehensive security concept. So, following https://ilearn.laccd.edu/eportfolios/6292/Home/Online_Virtual_Data_Rooms_for_Your_Business, the ultra-secure data room should be characterized above all by the following criteria:
- End-to-end encryption
The EU GDPR legally protects personal data. In contrast to a conventional content collaboration platform, the files are transmitted and stored in the online data room with reliable end-to-end encryption. Since it is stored in a completely separate location secured by controls, it is almost impossible for cybercriminals to access and compromise data without authorization. An upstream virus scanner can provide additional security.
- Flexible fine-grained assignment of rights
A virtual data room can be accessed by a well-defined group of users with the appropriate permissions. To adhere to the Zero Trust approach, everyone involved in the project must have access to the information they need and nothing more. External partners can be granted read-access and download privileges, whereas employees may require additional capabilities such as adding, deleting, or managing data. These permissions can be assigned at either the data room or sectional level. Admins always have a precise and transparent overview of all processes in the data room via activity logs. For example, you can track who viewed, downloaded, or edited documents. This way, it is possible to trace the data traces precisely and strengthen data sovereignty within the company.
- Two-factor authentication
This technology is an adequate additional security standard to prevent unauthorized access. For authentication, users of the system must identify themselves with another factor in addition to their access data – e.g., with a particular security token or smartphone. This way, unauthorized persons do not gain access to the data room, even if passwords fall into the wrong hands.