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A data room virtual solution is an online repository for confidential IP or sensitive information. These digital workspaces support data storage, management, and collaboration, particularly for short-term projects or contracts requiring high-security staging areas.
Virtual data rooms, or VDRs, have become increasingly common compared to physical data rooms. Data rooms are often used during due diligence processes, mergers and acquisitions, legal proceedings, IPO investigations, and other transactions where the storage and exchange of confidential information is required.
A VDR provides secure access for project stakeholders to review and collaborate on sensitive documents from any location at any time. VDR security often includes identity authentication, as well as access verification, remote device management, and granular file and folder permissions.
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A data room virtual solution (also referred to as a digital or virtual data room) is a secure, online storage platform for critical or sensitive data that can be accessed remotely through a login portal. This Software-as-a-Service (SaaS) solution is distinct from historical data rooms, which were, quite literally, rooms where physical documents were stored.
Physical data rooms presented certain challenges to enterprises and government organizations. Three major issues included:
The advent of digital data, combined with the ease of cloud storage and file sharing, accelerated the development of SaaS data room virtual solutions. These cloud-based platforms provided enterprises and organizations with a way to securely store and share sensitive information, such as due-diligence files (for mergers and acquisitions), financial reports, customer records, or product designs.
Data room virtual solutions (or VDRs) often include cutting-edge security tools, access controls, and collaboration features to protect data from unauthorized access while preserving ease-of-use for users. They can be accessed from any internet-connected device, and storage can often scale to accommodate expanding needs.
Data rooms are particularly useful for businesses or organizations that need to share large files or collaborate on projects in real-time. They may even benefit from having multiple “rooms” within the solution, a staging area where teams can collaborate and review documents, as well as a final destination or immutable archive for files, which disallows data export or additional file changes.
An R&D contractor working on a project for a government transit authority is preparing a new product launch. The data room virtual solution can be created to store and collaborate with product stakeholders on solution briefs, material lists, product assembly designs, and manufacturing agreements.
Data room virtual solutions offer a high level of security alongside accessible remote access and a cloud-like user interface. These are essential elements to protect critical information while supporting file sharing and collaboration.
The first step in evaluating data room virtual solutions is deciding which functionalities are most important for your enterprise or organization’s use case.
Here are seven questions to help you get started:
The UI offers a variety of sharing methods, including public share links, private shares directly to users or groups, password protection, Zero Trust File Sharing®, expiring shares, and download limits.
Set specific permissions for folders, sub-folders, and files to ensure only authorized users can view, modify, share, download, upload, or delete data. Access policies can also be set for specific users, groups, or globally.
FileCloud offers secure storage for sensitive information, administrative controls, and collaboration tools, all within one, easy-to-use interface for a single-pane-of-glass UX.
Globally distributed teams and collaborators can easily access FileCloud’s VDR environment through a secure gateway (via mobile app, web browser, or desktop client).
Protect data against breach, insider threat exfiltration, or accidental data leaks by encrypting all records. FileCloud offers AES 128- or 256-bit encryption for data at rest, as well as SSL/TLS protocols for data in transit and a certified FIPS 140-2 encryption module to meet government compliance requirements.
FileCloud supports critical integrations with security services, including SAML Single Sign-on (SSO), antivirus, security information and event management (SIEM). Cloud storage integrations can connect FileCloud with AWS S3, Azure Blob, Dell ECS, and Oracle Cloud (among others).
Scalable data storage is a key component in the FileCloud solution. Deploy on-premises with onsite infrastructure, connect with a private cloud provider, enable a hybrid cloud environment, or let FileCloud host your data in your preferred region.
FileCloud’s metadata system makes it easy for admins to implement default, built-in, and custom metadata sets to organize and classify data. This system can be automated as well, with FileCloud’s content classification engine for optimized data visibility.
In tandem with FileCloud’s content classification engine and metadata, admins can create DLP rules to automatically block shares and send notifications.
Admins and users alike can leverage FileCloud’s no-code, drag-and-drop builder to construct workflows that streamline data review and approval.
FileCloud supports a full array of retention policy types, including admin hold, legal hold, retention, archival, and trash policies. These policies automate record management throughout the data lifecycle, locking files against modification or deletion, moving them into archive storage, or even destroying them once certain conditions are met.
Extend FileCloud’s secure VDR with unlimited external accounts (without increasing license costs). Admins can automate the creation of new accounts whenever data is shared with an external recipient, ensuring data is protected by the full suite of policies, even beyond the traditional “network boundary.”
Virtual data rooms are an essential tool in the process of due diligence. They allow investors and other stakeholders to review company documents remotely, share them with others involved in a merger or acquisition deal, as well as disclose any potential conflicts which may arise from those close ties before anything becomes public knowledge – all without ever relying on physical copies at your offices.
Creating a virtual room with FileCloud is simple and can be done in a matter of minutes. Sign up with FileCloud, choose your solution (Server or Online), create an admin account, and upload your documents. Then you can invite your participants to your virtual data room with unique user credentials. Once they have logged in, they will be able to view, download, and collaborate on files.
Virtual data room softwareis a cloud-based tool that allows businesses to store, share, and track documents securely while minimizing the risk of data leaks. Data rooms are often used for due diligence during mergers and acquisitions, as they provide a secure way for parties to exchange sensitive information. They are also commonly used by startups to pitch to investors or private companies preparing for an IPO launch.
VDR stands for virtual data room. Data room virtual solutions offer a secure environment for the storage and sharing of sensitive information. Due diligence is the process of investigating a potential investment, and VDRs are often used in this process to help assess risk levels. VDRs often come with specific features that make them ideal for due diligence, including powerful audit tools, controlled access, and granular permissions.