Although free file-sharing services like Google Drive and Dropbox may be great for sharing files with small groups, they do not offer the security level that dedicated data rooms offer. The fact is, they don’t have the permission settings as well as auditing capabilities, watermarking, and other options that are required when you transfer sensitive business documents. This is a serious problem especially during M&A transactions where a leak could be detrimental to the deal and also to your company’s image.
You should use a virtual space to safeguard your private information. Firmex is a trusted platform that provides solutions to the government, investment banking biotech, energy and legal industries. It uses multi-layered encryption when storage and transfer of data, and has multiple servers for disaster recovery. It also provides document control and DRM features, like dynamic watermarks, lock-down files and even lock-downs. Document expiration is also an option to guard against data breaches.
Another good VDR is Box Cloud, a cloud-based storage solution that can be used for bidding, M&A, and contract negotiations. It provides bank-level encryption both during transport and when the data is in the storage. You can also customize your data room with your own brand. It also provides high-quality previews of 30+ types of files as well as robust activity tracking. It also comes with a variety of options that make it easy to share content.
