Free file-sharing software such as Google Drive or Dropbox are good for sharing files in small groups but they do not provide the same level of security data rooms provide. They lack the features you need to transfer sensitive business documents, such as auditing, watermarking and permission settings. This is a huge issue especially during M&A transactions when a single leak could be detrimental to the deal and your company’s image.
If you’re looking for a way to secure your private data, you need to choose a trustworthy virtual data room (VDR). Firmex is a trusted platform which provides solutions to the government, investment banking biotech, energy and legal sectors. Firmex employs multi-layered encryption to transfer and store information, and has multiple servers spread across different locations to ensure disaster recovery. It also provides document control and DRM, such as dynamic watermarks and lock-down files as well as document expiration to avoid data breaches.
Another great VDR is Box which is a cloud storage solution that supports bidding, M&A, and contract negotiations. It offers bank-level encryption both during transit and in rest, and allows you to personalize the data room experience using your own branding. It also offers high-quality previews for more than 30 kinds of files, as well as a robust activity tracking. It also comes with a vast variety of integrations that facilitate sharing content with colleagues.