A secure virtual data room permits companies to safely share confidential documents with anyone outside without worrying about documents and files being stolen or compromised. It’s the perfect solution for M&A due diligence, bankruptcy and restructuring, real estate transactions, legal issues and more.

Do your research before choosing a VDR service provider. Find out what security features they have available. Some VDR providers offer a no-cost trial period, so you can test their services and decide if it’s a good fit to your requirements. You should also consider the cost, the type of files and documents that you’ll be storing, who has access to the VDR and any other uses it could serve.

Find the VDR with physical security features like industry-standard data centers with strong backups, offsite data storage and fire protection as well as biometric access. Also, ensure that the VDR provider offers a business continuity plan and regular penetration testing and redundancy of data. Choose a VDR that provides audit logs and document activity monitoring, single sign on (SSO), and artificial intelligence features that aid in the detection of errors, information organization, and retrieval.

You should look for the VDR that is SOC2 certified (SSAE18) and also has redundancy for data centers, as well as backups that are conducted daily. Select a VDR with 2FA, as well as the option to require an additional authentication method or PIN. Avoid any VDR which allows users to share login credentials, since it is not in line with the goal.

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