A Look at Virtual Data Rooms

11:31 AM September 20, 2020

VDR or Virtual Data Room is the answer to your online information security concerns. Online data is quite different from hard copy files since hard copy files can be easily secured by placing a lock on the storage room doors. However, with online data and files, this can’t be done. Fortunately, with a virtual data room, you can secure your online files. If you have a startup, then getting a virtual data room is absolutely critical so that your ideas and information can be easily secured.

We will now look at the 6 benefits of using virtual data rooms for startups.

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Safe Storage

Most people and especially startups worry about data breaches. However, with a VDR or virtual data room, only yourself and people that you personally approve will have access to your online data. Everything and everyone else would not be able to access it. So, you can rest easy that all of your sensitive online files such as contracts, medical reports, intellectual property, financial information, etc are safely stored.

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Secure Data Sharing

With a VDR, it is very easy for persons who have access to be able to work together and share private data/information in a very safe setting. In a VDR, there are actually different levels available with different permission levels. So, you can easily put additional security on very sensitive information as well as have certain protocols in place so that no one can steal data, copy it or even make screenshots.

 

Money

Most startups are very tight on money and a VDR can help you to save money. This is because a VDR will allow you to get rid of the extra expense of real world data rooms which require office machines, printing machines, folders, cabinets etc. Your staff won’t have to edit or create any hard copy files. As a result, you will spend a lot less money and make your business more efficient and secure.

Quickly Make Decisions

As you know, time is money and is very valuable. When you have a virtual data room, you will actually save quite a bit of time. Due to the fact the the VDR is online, it can be accessed from anywhere in the world. So, geographic distance would never be an issue when you need to create, change or look at particular documents. Even time zones won’t be an issue since the VDR will be available all the time.

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Basically, a VDR is a highly secured digital warehouse that gives you the confidence to work with potential investors and rest easy knowing all your files are safe and easily accessible. If you’re interested then visit www.firmex.com for more information.

Transparency

Many startups need investors and lenders in order to grow. The vast majority of investors and lenders are interested in complete transparency and want to know about everything that is happening in the business since they have placed their trust and money into the company. With a VDR, this type of transparency is possible and most investors will be very pleased to know that your startup is protected against data breaches/leaks.

Due Diligence

With a VDR, there is always a log of any additions or changes to any document, which makes it easy to find proof of legal compliance of the startup. As a result, the VDR offers the ability of you to do your due diligence whenever it comes to purchasing or selling anything.

It will only take a couple of days for you to set up a virtual data room for your business. Once the VDR is functional, it is very simple to add users.

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