5 Tips on How to Find a Secure Data Room Provider

5 Tips on How to Find a Secure Data Room Provider

By now, it is highly likely that you have discovered what a virtual data room is and what it does, and you have most probably considered data room software as a handy data management tool for your business or personal use. The next thing in your mind must be how you would know whether you have chosen the right data room services.

Undoubtedly, you will find thousands of virtual data room providers in the market, but are they trustable or not is another question. To help you with your research, here are some important tips for you to consider while choosing a secure data room provider.

But to save you some time and effort, here are some of the best virtual data room providers to start your research with:

  • Firmex virtual data rooms
  • iDeals data rooms
  • Merrill Datasite
  • Digify virtual data rooms
  • Ansarada data rooms

To learn about the first option and factors that make it the right choice, head over to:: https://dataroom-providers.org/firmex-data-room/.

But if you’re willing to make a choice of a data room solution independently, some key factors to consider can be found below.

5 useful tips for finding a secure online data room software provider

1. Data room security

The security in an electronic data room is just like oxygen for living beings. In fact, security is the primary reason why you consider using a virtual data room. You will be storing and sharing your highly sensitive documents on data room software, and that is why it is mandatory to look for at least the basic security features in the data room. Here are some essential security features to look for.

●         Cyber security certifications. Start your research with the question, “how many cyber security certifications a data room provider has got.” It is important to note that a secure data room vendor complies with international and local data security standards. A secure virtual data room provider at least complies with ISO 27081 and ISO 27001. Other important certifications include SSAE 16, FINRA, SOC2, GDPR, etc.

●         256-bit data encryption. 256-bit SSL data encryption is the strongest in the world, which is why it is important to have it in your VDR. It helps store and share data in an encrypted form, no matter if it is at rest or in transit.

●         Two-factor authorization. Two-factor authorization is another basic but super important security feature. This feature makes sure that there are at least two identity verification steps during data room login, which eliminates the possibility of unauthorized access.

●         Audit logs. Virtual data room audit logs are a text record of all the functions or activities undertaken in your data room. Investors, stakeholders, and partners especially appreciate this feature, because it keeps them updated about whatever happens in the data room.

●         Document access control. The ability to control the flow of data in your VDR is very important. Otherwise, there is no point in using a data room at all. Your data room software must allow you to control or define users’ access to the documents.

Apart from that, document shredding, fence view mode, remote device purging, and document access revocation are some vital security features to have in your VDR.

2. Pricing structure

Data room providers follow different pricing models, and it is highly likely that some of them are not suitable for you.

For example, many providers offer the per-page pricing method, which isn’t recommended for long-term use because every page uploaded in the VDR can cost you between $0.40-$0.85.

If you intend to use data room software for the long term, it is better to go with providers that offer the flat monthly fee pricing model. Choose a package that suits your requirements and make sure there are no hidden or additional charges.

3. Ease of use

A complicated business solution not only hampers the efficiency of your workforce but also causes frustration. Data rooms in the past were really clunky and difficult to access. Thankfully, things have changed a lot, and vendors provide more ease to the data room users.

Features like bulk uploads, drag-n-drop, mobile access, customizable dashboard, automatic logging, and easy navigation will make things easier for you. Also, the data room must be easy to set up.

4. Clients’ testimonials

Anybody can hire a good copywriter to make their products look great, but only a customer can tell whether the company sells what they promise or not. Clients’ testimonials are a great source to check the credibility and reputation of a virtual data room provider.

In fact, customer reviews are more helpful in identifying the shortcomings of a vendor. Some trustable customer review sources include G2, Software Advice, Capterra, and TrustRadius.

5. Technical support service

Last but not least, great customer support service is something you may need regularly. How fast does customer support respond? Does the company charge extra for unlimited technical support? Does the company offer multiple contact options such as email, live chat, forums, blogs, etc.? How many languages does the support team speak? These are the questions to ask your VDR provider.

Final words

Making a hasty decision while choosing virtual data room providers may backfire, and you may end up compromising your business data security. Some useful tips mentioned above can help you find a secure data room vendor for your business. So be sure to consider data room security, pricing structure, usability, client feedback, and customer support options.

To save your time and effort, you can also double-check our data room recommendations at the very beginning of the article. There are some of the best providers in the industry, each worth becoming your tool of choice.

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