When you think of a data space, you may think of a virtual space which facilitates due diligence process www.dataroomconference.com/virtual-data-room-checklist-202 of an acquisition of a company. It’s where both parties to a deal can access and see sensitive information such as financial performance, patents, and development of products. However, a properly-designed data room can also be used to support internal file sharing and storage, fundraising, and other collaboration projects as well. Access control is crucial for a data room to be effective.
The permissions granted to users that are established at a document and folder level will help you manage access to information that is privileged on the basis of need-to-know, thereby reducing the risk of unauthorised disclosures. In addition, by tracking activities within a data room, you’ll be able to track who was able to access what information and for how long. This will increase transparency and accountability between collaborators.
A reliable VDR can allow you to retract documents even after they’ve been downloaded which can reduce the risk of sensitive information falling into improper hands. It also comes with a reliable redaction feature which lets you block out sensitive information without having to manually edit the document.
Many VDRs still offer per-page pricing. This may work well for an incredibly small and clearly defined project, but it may be expensive for larger, more complex projects with undefined or unidentified variables. It is crucial to know what the VDR provider you choose to use charges based on the number of documents, or on the amount of activity that takes place in the data room.