Last Updated on September 15, 2022 by admin
If you’re running a large enterprise that has to store, transfer, and share large amounts of sensitive data, then you need a solution you know you can trust. You can’t afford to rely on traditional file-sharing options like Dropbox or Google Drive because these methods don’t protect your data and documents with encryption, and they leave you exposed to security vulnerabilities on the devices accessing your confidential files through these methods. In a world of big data and digital transformations, you can’t afford to rely on physical data rooms either, and even data warehouses in remote locations are starting to be replaced with secure virtual data rooms (VDRs).
Business users frequently use these VDRs (also called deal rooms) to secure large files and share folders during the due diligence process for mergers and acquisitions (M&A), initial public offerings, and even fundraising events. A VDR with advanced security controls is the best way to maintain the integrity of your sensitive information. But how do you choose the best way to share your files securely? Here are a few of the best features you need to look out for when choosing an enterprise solution for secure file sharing.
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Built-in DRM
You may already be familiar with digital rights management (DRM) as a means for creators to protect their intellectual property from illicit downloads or from being shared without permission. These days, DRM is also becoming a data security standard for protecting documents and confidential information. DRM settings let you completely control the security of your files to ensure they only get into the right hands, and you can even control what users are allowed to do with the files.
The best VDR vendors will let you upload documents to the platform with unparalleled speed, and then it’s as simple as clicking “enable DRM” to activate encryption for any type of file. This helps you stay protected from data breaches caused by hackers and other malicious parties, and you can also use it to ensure that no business users in the deal room can share your files without your permission.
Simplified Access Control
Another excellent feature you should expect from the best enterprise file-sharing service is a simplified control panel that lets you easily assign and control user permissions. For example, let’s say you’re conducting due diligence for an M&A, and you need to share sensitive financial documents with each interested party’s accountant to ensure the deal is in everyone’s best interests. You don’t need each party’s attorneys or other professionals to see these documents, so you’ll need an easy and secure way to make sure only the accountants receive such documents.
With easy file access control, you can set exactly which team members are allowed to view, edit, or download a file. You can alter access control at the individual level, so everyone just has exactly what they need. The best vendors will even give you the option to implement your own additional security, such as two-factor authentication. Best of all, you can rescind access to any documents in real-time to make sure no one maintains access. As soon as the due diligence process is done, you can rescind permissions for all sensitive files, and deal room members will no longer be able to view them, even if they downloaded them on their devices.
Document Tracking Capabilities
When you’re securely transferring files or sharing sensitive documents, it’s important for you to know what’s being done with the information. Document tracking will let you view exactly who has viewed, edited, or downloaded the files you’ve shared, which gives you a better idea about the pace of a deal.
It’s easy to identify who is really interested, and you’ll also be able to see if a business user is struggling with their materials. This makes it easier to direct them to the points that need the most attention and keep the deal room on track, so you can complete your most important transactions as quickly as possible.
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