VDR Secure Data Exchange
Virtual data rooms (VDRs), especially when dealing with transactions that are complex, allow for the safe and efficient exchange of large documents. They simplify due diligence processes, M&A transactions, fundraising efforts and environmental assessments. They can also reduce the risk of theft of information and leaks of data, which could be costly and time-consuming to businesses. It’s important to compare the various VDRs and their features, such as their security standards and compliance, before deciding on a service. You should go through the security pages on the website of each vendor to learn about the steps they take to secure your files.
A VDR, for example, should allow two-way sharing between lawyers and their clients, or between an outside expert and a business in the case of litigation or business transactions. It should also allow the auditing and tracking of document activity to protect against the loss of sensitive data. The most secure VDRs adhere to index HIPAA standards which means they conform to the national standards for electronic transactions in healthcare and the storage and management of patient and employee data. They must also be ITAR-compliant which means they are compliant with the import and export of documentation related to defense.
Pharmaceutical and biotechnology companies depend on VDRs for quick collaboration with contract research organizations (CROs) as well as regulatory agencies, and investors. They must share a huge quantity of data, including proprietary formulas and results from clinical trials. A reliable VDR should provide multiple layers that include two-factor authentication as well as the capability to verify IP addresses devices, locations, and devices from which users sign in. It should also offer 24/7 customer support, so that users are able to resolve any issues they encounter regardless of the time zone they are in.
