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Virtual data rooms (VDRs) allow it to be easier to share important documents securely with other parties. Companies across many industries, including life sciences and tech are using them for due diligence, as well as other business events like M&A, capital raisings, audits and strategic reviews.

A VDR has several advantages over physical storage. The files are accessible from anywhere with an internet connection. They are also immune to physical causes of damage like floods or fire and can be kept securely for as long as the company wants them to be.

The most popular use for VDRs is to VDR is to assist in an M&A process, in which many sensitive documents need to be evaluated by potential buyers. In M&A diligence, the VDR allows companies to provide confidential documents, like financial documents, business plans and more, without having to worry about their security. Permissions can be changed dynamically, and detailed logs of user activities provide valuable information about the interests of every buyer.

A virtual data room must have multiple layers of protection that include physical security as well as cloud security, to ensure the safety of data online. A reliable VDR should backup its servers regularly, preventing data loss in the event of technical difficulties. It should also use encryption techniques, digital watermarking and other security features to prevent hackers from gaining access to files. It should be easy for teams and compliance departments to move data from other platforms into the VDR.

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