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http://digitalcloudroom.com/how-to-use-automation-tools-for-your-own-technology-due-diligence/
Virtual deal rooms are standard software that can be used to share sensitive information as an alternative to physical data rooms. These platforms are used to assist due diligence in mergers and acquisitions, as well as fundraising and IPOs. The success of this industry however, is contingent on a strong security system for online transactions. Cyber-attacks and data breaches can result in irreparable damage to companies reputations, as well their relationships with customers and investors.
Security features are one of the most important aspects to take into consideration when selecting the best VDR. Look for a platform with the ability to grant granular permissions, multiple layers (e.g. two-factor authentication and single sign-on), and IP restriction to guard your confidential documents from unauthorized devices. Ideally the VDR should also incorporate digital rights management (DRM) policies that can be applied to specific files. This prevents non-authorized users from copying and downloading your data.
When evaluating the various VDRs, be sure to check their websites for their security pages. This will give you a sense of how the company is taking security seriously. This will also inform you whether the company has a dedicated security staff.
Another thing to think about is whether or not the VDR can be used to create separate workspaces for various projects. This feature is crucial to prevent projects from colliding and potentially revealing confidential data. It is crucial to give each project a unique name to allow them to be identified in the VDR.
