VDR Secure Data Exchange
Virtual data rooms (VDRs), especially when dealing with complicated transactions they allow for the secure and efficient exchange of large documents. They simplify due diligence processes, M&A transactions, fundraising efforts and environmental assessments. They also reduce the risk of data leaks and information theft, which can be very costly and time-consuming for companies. It is important to evaluate different VDRs and their features, including their security standards and compliance, prior to deciding on a vendor. You should read the security pages on each vendor’s site to find out what steps they take to safeguard your data.
A VDR, for example one, should allow for two-way sharing between legal teams and their clients or between an outside expert and a business in the event of business transactions or litigation. It should also allow for monitoring and auditing of document activity to protect against the loss of sensitive data. The best VDRs comply with HIPAA standards which means that they adhere to the national standards for electronic transactions in healthcare and the storage and management of employee and patient information. They should also be ITAR conforming, which means that they must adhere to the export and importation of defense-related documents.
Pharmaceutical and biotechnology companies depend on VDRs for quick collaboration with contract research organizations (CROs) as well as regulatory agencies, and investors. They need to share a vast amount of information including proprietary formulas and clinical trial findings, and intellectual property. A reliable VDR provider should offer several layers of security, such as two-factor authentication and the ability to identify the IP address, device, and the location that users log in from. It should also offer 24-hour customer service so that users receive assistance with any issues they may encounter, regardless if they are in the time zone.