Safer than You Think: Virtual Data Room Is The Best Protector Of Your Business Deals

Cloud IT solutions are already the standard today. Virtual data room offers you the best cloud IT service, considering the essence of your business processes, end-user IT habits, information security, and business continuity requirements. Here is more about it. 

Virtual data room: how to ensure your business privacy

For companies that have realized today’s main source of business competitiveness is the effective use of advanced technologies that create additional value for customers, data security and privacy means more cost optimization, as it becomes a driver of revenue and business growth. Constant data leaks make consumers skeptical of businesses that ignore cyber threats. As a result, companies tend to use virtual data room software designed for secure data storage and exchange to protect their data. 

A virtual data room is a comprehensive software solution for managing electronic data. It allows you to ensure the confidentiality and integrity of electronic information with limited access during its storage, processing, and transmission. The solution is based on deal lifecycle management of restricted access information and unique technology for controlling electronic information movement.

The data room software can also help you centralize important business data to protect against hacks, viruses, and malware attacks. It simplifies the task of administration, backup, and management in one application. Customers are confident that your business can keep them safe by permanently encrypting sensitive customer data, such as personal and financial information. The application of policies for the “mode” of storage, processing, and transmission of classified data occurs dynamically at the time of access to classified electronic data.

Reasons to choose a secure data room for your business

Accessing and editing large files on the company network, for example, a company presentation or construction and production plans, are often difficult via VPN access, which companies usually use to secure their databases: high latencies, limited transmission speeds, and asymmetric bandwidths can Significantly slow down data transfer or processing. Therefore, using a data room is a better alternative. According to https://www.blogsaays.com/create-convenient-ma-virtual-data-room-safe-document-storage/, there are the basic reasons to use data room as the best protector of business deals:

  • Reliable data repository

In the data room, you can store important documents in the Disk – a common disk of the company and in separate disks of groups by departments or projects. Access rights to files and folders are configured. Document templates can also be saved in the data room to fill these templates automatically with customer data. To provide additional security, you can configure two-step authorization. Encryption techniques are suitable for securing not only the storage but also the transmission of data and information.

  • Archiving

In most enterprises, the same is stored multiple times in IT systems. Most of the information that is not used online is stored in the main systems, which burdens and slows down the work of IT systems. The data room archiving solutions allow you to determine the type of data based on users and frequency of use, how, where, and how long to store data. Archiving solutions automate data management, save storage space and speed up backups, protect data from inadmissible erasure, and ensure compliance with laws and regulations.

  • Secure collaboration

The data room software offers a well-protected virtual platform for efficient business collaboration. For example, a data room user can share files with one or more users, edit or annotate documents, create live document links, and allow multiple users to work on the same document. Apart from that, a file owner or software administrator has the right to revoke document access at any time.

What are the benefits of data rooms?

Automation helps an organization to work faster and better only if employees understand exactly how they can use the program to solve their problems and simplify their work routine. This article will analyze the data room benefits.

Data room capabilities for modern business

Any company, large or small, seeks to optimize its activities, to make business more efficient. For example, creating and maintaining continuous business processes or communication between different departments. Many people decide to start business automation by implementing virtual data room (VDR) systems. This term has two levels of understanding. Firstly, it as a strategy is a customer focus, a turn from a product to a client, the client is at the forefront. In a situation where a significant number of customers, implementing a customer-oriented strategy requires a specific tool – a data room. The second understanding of the VDR is technology and software. VDR technology is a modern technical solution for front office automation that allows you to provide the desired quality of customer service while reducing the cost of interactions (leveling transaction costs).

With the help of the VDR, companies can change the organization of activities from the inside, and each employee can receive visual information about the results of their work. Modern visualization tools, analytics, and graphics used in automation programs allow you to quickly notice errors in sales policy, promotion, and planning.

The data room solution provides management of contractual business processes at all stages of the contract’s life cycle. The system allows you to solve various management tasks and quickly adapt to any changes in the enterprise’s business processes. Besides, it reduces the time to search for information about contracts and related documents to share access to the database for different groups of employees.

What are the benefits?

Digital data room ensures many valuable capabilities and benefits:

  • Ability to quickly and conveniently communicate with colleagues and discuss joint projects. You can share both with individual employees and create common rooms. Not only chat is available, but also video calls. In the so-called live feed, you can leave the news for all employees. In the same place, everyone can view which projects are currently running. And all this is done no matter where and from what device.
  • The ability to set tasks, monitor their implementation, set estimates, track time spent, comment, and discuss project details.
  • The ability to conveniently manage documents without leaving the data room. Documents are stored on a disk and can be edited online. You can create shared folders with colleagues, share files, and keep all your work documents in one place. In addition, you can register free mail with your domain.
  • Since a large amount of documentation is converted into electronic form, the paper document flow is reduced, which, following the requirements, must be stored for a certain number of years. By reducing the amount of paper workflow by 70%, we reduce the cost of funds, effort, and space for organizing a physical archive.
  • The software simplifies deal management. Each step on the way to a deal is recorded in the system. For any operation, cards are created with the client’s data, the timing of the task, and information about the wishes of the customer or buyer.

Importance of Business IT Security?

Information security is currently the cornerstone for the IT sector of any company. Perhaps the price of IT security seems high, but here you need to understand – what is the cost of your data that needs to be protected?

Information security in the company

Information security is a comprehensive protection of information and its supporting infrastructure from accidental or malicious influences, resulting in damage to the information itself, its owners, or supporting infrastructure. The tasks of information security are reduced to minimizing damage, as well as to predicting and preventing such impacts.

In modern business, almost all this information is stored and processed in automated information systems (AIS). Therefore, the effectiveness of the company and, hence, the fate of its business are becoming increasingly dependent on the stability of the functioning and security of these systems from the passive and active information impact of the external environment and competitors, respectively. The loss of AIS performance can lead to negative consequences for the business structure and, in some cases, to the death of the system as a whole. Furthermore, the expansion of activities, the development of new markets, the expansion of the range of customers and suppliers, and the emergence of new services – all lead to a complication in the structure and algorithms of the organization’s functioning and the requirement for continuous improvement of its information infrastructure based on new computer and telecommunication technologies. At the same time, with the creation of AIS, the number of sources of threats to information security violations is expanding.

Business information security management

Adopting all possible means and methods of protection for all occasions is absurd and unrealistic. The organizational system can become inoperable and ruinous for the owners from excessive security measures. The solution to this conflict is to create a mechanism that would allow tracking of real risks and threats to take rational, most effective, and feasible protection measures for the organization. Such a mechanism can create an information security management system similar to financial, quality, and project management systems in any organization. Such a solution will represent the same systemic, integrated approach to ensuring the information security of a business, which will guarantee against unpleasant “surprises” associated with a violation of information protection.

As part of the business information security management system, the following tasks should be solved:

  • control and management of the functioning of the information security subsystem;
  • continuous monitoring of AIS security and registration of intrusion attempts;
  • analysis and investigation of information security violations;
  • study of known models of hacker attacks and hacking of computer systems, analysis of the possibilities of their implementation concerning the organization’s AIS, and taking measures to eliminate the possibility of such attacks and hacking methods;
  • organization of anti-virus protection of computers of the organization;
  • ensuring compliance with the security policy in the organization;
  • monitoring of possible threats of violation of information security;
  • information security risk management;
  • using virtual data room for secure deal management;
  • preparation of plans and proposals for improving the information security subsystem and security policy;
  • development of new solutions for information security.

The specifics of solving problems in the field of security and information protection in small business is associated with a limited budget for the IT structure. Although it covers a small number of users and local networks are entry-level, it does not even have the simplest data protection tools. At the same time, the risk of information security threats is quite high due to the use of public data transmission networks.

How to Choose Which Data Room Fits Your Needs?

Automating the process of negotiating contracts is a key and paramount task for any organization involved in active business activities with external counterparties. So, how to choose a data room vendor for managing contracts?

Virtual data room – the best variant for managing contracts

Deal management is the basis of the activity of almost any organization. Accordingly, the effectiveness of the work of the organization largely depends on how effectively the contract management system in the organization is built. Some contradictions must be taken into account. On the one hand, making decisions and responding to changes is essential as quickly as possible; otherwise, you can lose your partner. On the other hand, it is equally important to take a responsible approach to each stage of contract work, weigh all the risks, document all agreements, protect your interests, and comply with the requirements and regulations of contract work, otherwise not only loss of money, but more serious consequences are possible.

Creating a data room for negotiating contracts in electronic form among all possible areas of workflow automation that has the most significant effect on the company, accelerates the process of concluding transactions, and significantly reduces the risks of signing contracts on unfavorable terms for the organization. The data room improves the efficiency of many departments, including the tender and contract department, the purchasing department, the office, accounting, the legal department, and others. Contract approval automation helps employees directly involved in the contractual workflow to complete tasks faster and with fewer errors. In turn, the document approval system provides management with a reliable tool for monitoring the status of contracts and the timing of transactions.

Data room software performs the following tasks:

    • Accelerating the process of agreeing on contracts within the organization and its counterparties.
    • Exclude the risk of serious errors in coordinating and signing contractual documents.
    • Distribution of the flow of documents between employees of the coordinating departments, depending on their workload and specialization.
    • Access participants in the process of electronic approval of documents to all significant parameters of transactions in the “single window” format.
    • Creation and use of a fund of standard and template contracts that are most relevant to the organization’s interests.
    • Operational control over the fulfillment of contractual obligations under the concluded contracts.
    • Creation of a single electronic archive of all contractual documentation of the company.
    • Formation of a transparent picture for the company’s management on the contractual document flow and the legal status of current transactions.

What to look for when choosing a data room software?

Today, developers offer a relatively large selection of automation programs. But, which will not be just a data warehouse but will help increase the efficiency of operations and scale and save money? There are the following criteria that can help you define if the software solution fits your needs:

    • High-performance platform. The main thing that characterizes large companies is a large number of employees, customers, and data about them. The data room of a large organization must be high-performance and withstand heavy loads so that everyone who needs it can work in it simultaneously.
    • Possibility for scaling. Your company is actively developing, and its information systems must withstand the increase in the number of users and the volume of data.
    • Service support from the data room provider. In any case, especially if you do not have your own IT department, you should pay attention to the fact that the data room you choose is supported by a professional team whose specialists will be able to answer all questions and quickly solve technical problems.