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Cloud data rooms are cloud-based solutions that are specifically designed to store and share confidential business information in a secure setting. They’re used to facilitate due diligence during M&A transactions, IPOs and legal proceedings, however they can also be used in any situation that requires security and efficiency of managing sensitive documents.
Like other cloud-based applications that is available, a virtual data space is highly scalable and easy to access. All you need is an internet connection. However, unlike traditional laptops, desktops and servers that could be stolen or damaged from your office, data stored in the cloud is protected by multi-layered security measures. This includes firewalls secure transmissions, encrypted data transmissions, and multiple backups to protect against accidental or malicious data loss.
In addition to this increased security, a virtual room provides a range of features designed to support the processes that dealmakers manage. They include a Q&A section along with advanced permissions controls and bookmarks and notes. They also provide detailed recording of activities. They also offer a greater level of support than traditional cloud storage solutions as many providers provide in-app support via phone, email, or multilingual support, as well as dedicated teams and managers.
To find a reputable cloud data room provider, you should making sure they have SOC 2 certification and ISO 27001 accreditation. This is an independent audit that examines the capability of a service to protect against threats to your personal information and proves their conformity with internationally recognized best practices.