A virtual dataroom can provide an unsecure platform for sharing documents. It can be used to keep documents for a long time, and also allows users to work on documents at the same time. It comes with a range of security options, including password protection, audit logs and control of file versions.
Typically, businesses involved in M&A go to this site due-diligence employ a VDR. This may involve sharing lots of sensitive information with the other party and it is important to be able to track who has accessed what information and when. A VDR with a solid management system and retention policy can protect against data breaches and quickly revoke access of those who no longer need it.
A powerful search engine is another important feature. It is able to locate data in large documents and show snippets of these documents in the results of a search. This allows users to quickly identify the right files and open them. Another feature is document annotation feature that lets multiple users add comments and notes to the same document, and makes it simple to share those annotations with other users.
A great feature is the ability to quickly redact an image, paragraph or section from a document to ensure that confidential information is not visible to anyone who does not need to be able to see it. VDRs can also have automatic watermarks that show the user’s name along with the IP address, date, and time each time a document is viewed or downloaded. This is especially useful if you need to comply with regulatory compliance requirements such as HIPAA, GDPR, or CCPA.