Virtual Data Room Software

Explore the list of the best virtual data room software to store and distribute business sensitive information with confidence and compliance.

Security breaches or inappropriate sharing of documents is familiar with the traditional physical data rooms. To preserve confidentiality and share valuable information in a controlled manner, businesses should opt for a Virtual data room that can be an online warehouse of business-sensitive documents. Typically, a virtual data room software can help organizations create a secure data repository and share confidential information securely, with authorized access.

What Is Virtual Data Room Software?

A virtual data room software, also known as VDR software is an application that allows creating a highly secure online data room for storing and distributing confidential documents and files. It enables you to build a controlled environment using two-factor authentication, password encryption, and strict sign-in controls. Using virtual data software, you can host confidential information in a secure environment and control access with limited permissions to copy, print, and share the documents. This helps establish a secure data-sharing environment in the organization and eliminates data leakage and breaching chances. Businesses use the virtual data room software because of the below-mentioned benefits it offers -

  • Enables convenient sharing of data to pre-approved individuals without compromising the security
  • Allows you to set up the security methods like encryption, sign-in controls, and two-factor authentication as per your preferences
  • Facilitates you to distribute the data in different compartments, making it easier for the authorized users to access
  • Enables controlling the data and its security from a remote location

How To Find The Best Virtual Data Room Software?

Finding the best virtual data room software without any assistance can be difficult, especially when there are so many premier virtual data room providers available. To make your search process easier, GoodFirms has come up with the list of the best virtual data room software in terms of security and technology. Just go through the list, and use the filters to narrow down the virtual data room systems as per your requirements. In-depth details and authentic users’ reviews about each software would further help you in making the right purchase decision that you would never regret in the future.

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Frequently Asked Questions

  • What is a Virtual Data Room Software Used for?

    Virtual data room software or VDR software is used for storing multiple documents and files that contain sensitive and confidential information. Data relating to financial information, legal issues, taxation, trade secrets, copyright certificates, etc., are usually stored using virtual data room software to keep them private and secure. All of this information should be easily accessible by the users when required but at the same time should be protected from unauthorized access, and this is where virtual data room software comes into the picture. Below-mentioned are some of the most prominent uses of virtual data room software;

    Merging & Acquisition - The companies going through merging and acquisitions require to share many documents with multiple parties in a secure environment. A virtual data room software simplifies the process of managing merging and acquisition for all the parties involved.

    Intellectual Property & Copyright - The companies need to share their intellectual properties and copyrights securely with the external concerned legal departments or organizations. A virtual data room software helps in sharing such sensitive information without any risk.

    Financial Reporting - The virtual data room software allows equity investors and financial organizations to share portfolio information, financial reports, and other critical information with high-end security.

  • What Are the Main Features of a Virtual Data Room Software?

    File Permissions

    Virtual data room software allows you to set file permissions for viewing, modifying, deleting, and downloading documents. Suppose you don’t want a particular document to be downloaded or edited by another user, then you can set its permissions as “view only” thereby assuring that the document is protected from any misuse.

    Data Organization

    The virtual data room software systematically organizes the documents eliminating duplication issues. Searching a specific document gets easier, even if you don’t remember the file name. You can search the exact document by just hinting a portion of text within the file. 

    Alerts and Notifications

    The virtual data room software alerts the users whenever any documents have been accessed, changed, or even tampered with. It also notifies the users when required to take any action like viewing and signing a document.

    Uploading Files

    Many virtual data room solutions allow you to upload multiple files simultaneously. In contrast, some may also have a drag and drop feature that enables you to upload one file at a time.

    Communication & Collaboration

    Besides sharing and accessing the documents, the virtual data room software allows users to add their comments or suggestions in the documents based on their digital rights.

    Virus Scanning

    The virtual data room software automatically scans the documents while uploading to prevent viruses or any kind of malware that can affect other documents that are already present on the server.

  • Why Should I Invest in Virtual Data Room Software?

    Virtual data room solutions are specifically built for highly sensitive business data. The virtual data room systems include high-end security features that help companies in managing merging & acquisition events, financial portfolios, etc. With a file-sharing tool like Google Drive and Hightail handling critical business processes becomes slightly challenging. The virtual data room solutions are built with multiple layers of security and encryption that can protect the data exponentially.

  • How to Select the Best VDR Software?

    Identifying your Business Needs and Abilities

    The first step is to identify the purpose, and see if the Virtual data room software you are planning to buy can enhance your current business practices or not. Also, you need to analyze your technology capabilities and select a compatible option accordingly.

    Check Features

    Just go through the details about the features of the virtual data room software before making a selection. The virtual data room software you select should include the features that can help you achieve your business goals.

    Consider Budget

    The cloud-based virtual data room solutions are available at a monthly subscription price and thus are affordable and cost-effective. Still, you need to consider your budget before shortlisting the options suiting to your business strategies and the number of users using virtual data room software in your organization.

    Compare Different Virtual Data Room Software

    Comparing different virtual data room software is now easy with the help of GoodFirms. The experts at GoodFirms have curated the list of the best virtual data room software that will help you pick the right VDR software for your business. This list includes in-depth details and authentic reviews for each software to help you make the right purchase decisions.

    Do you have any more questions? Please feel free to contact us.