You can set up security policies in a VDR to require two forms identification (such a password and an one-time code sent via mobile device) for someone to access your files. VDRs board room software also allow you to restrict access to users so that they expire after a specific number of days from the date/time the files were uploaded, and you can also choose whether users will be alerted when their access is set to expire.
The most common use case for a VDR is due diligence in mergers and acquisitions, where multiple parties need to view confidential company documents which otherwise wouldn’t be accessible without the secure, online environment offered by a VDR. Other business processes that can benefit from a VDR include raising capital as well as reorganization and internal audits.
VDRs are also a favorite among venture capitalists and private equity firms, which typically handle a huge amount of transactions simultaneously which require sharing massive amounts of data. The document management and indexing capabilities of VDRs VDR allow users to quickly locate the information they require and quickly examine the data in a secure setting.
Auditors and regulators are frequently reviewing companies at a growth stage to ensure they are making sure they are crossing all “t”s and dotting every “i”. A virtual data space helps companies keep their data secured, accessible, and organized in a manner that is able to be easily reviewed and inspected.