You can set up security policies in a VDR to require two forms of identification (such a password and an one-time password sent by mobile device) in order to permit someone access your files. VDRs allow you to restrict access to users after a specific number of days, based on the date/time the files were uploaded. You can also opt to notify users whenever their access to the files is set to expire.
Due diligence is by far the most popular use of a VDR. This is the case when multiple parties are required to look over confidential documents from a company that would be impossible to access without a secure online environment. Other business processes that can benefit from the use of a VDR include capital raising or reorganizing, as well as internal audits.
VDRs are popular among venture capitalists and private equity firms as well as other professionals who handle massive amounts of transactions. They require sharing vast amounts of data. The document management and indexing capabilities of a VDR enable these users to quickly find the information they require and to quickly examine the data in a secure setting.
Companies that are in the growth phase are regularly reviewed by auditors and regulators who need to ensure that the company is crossing every “i” and crossing every “t”. A virtual data room helps companies to keep their information organized, accessible and secure in a way that allows it to be easily reviewed and inspected.
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