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In the past, businesses went to extreme measures to keep their most confidential files in a secure location. In the event of a lost document, it could lead to lost opportunities or costly lawsuits. In the digital age, companies can protect sensitive files by placing them in storage and sharing them with the secure virtual data room.

Virtual data rooms are software platforms that facilitate document sharing in critical business transactions like M&A fundraising, IPOs and due diligence. They provide a more efficient and effective method of sharing and exchanging documents than traditional email and cloud storage solutions.

Security is the major benefit of VDRs over other cloud storage alternatives. The best virtual data rooms have multiple layers of sophisticated encryption technologies and access control techniques that make them a secure digital defender for your sensitive information. They also offer granular access rights including view-only mode and screenshot blocking in order to block unauthorized downloads and access. In addition, many VDRs provide compliance reporting tools that strengthen your position in negotiations and deal closings while demonstrating compliance with the regulatory requirements.

A life sciences company, for example, may need to share confidential records of research findings or patients with several parties. A VDR can facilitate collaboration and ensure privacy for everyone involved, while keeping records organized in an easily navigable folder structure that has standard file names.

Similarly, oil and gas companies need to collaborate with partners from outside on a project but need to ensure strict data security in order to comply with. A VDR that comes with built-in document readers, multiple layers of data encryption and backups that are available 24 hours a day, virus scanning and redundancy for data centers can reduce M&A risks, speed up deals and increase productivity.