Free file-sharing programs like Google Drive or Dropbox are great for sharing files in small groups but they do not offer the same level of security as data rooms do. The fact is, they don’t have permission settings as well as auditing capabilities, watermarking, and other features that you require when sharing sensitive documents for business. This is a major problem especially during M&A processes where a single leak can be very costly for the deal as well as your company’s reputation.
If you want to protect your confidential documents then you should choose a trusted virtual data room (VDR). Firmex provides solutions for investment banking, biotech government, energy, and legal industries, and is one of the most popular platforms in its domain. It employs multi-layered encryption for transfer and storing data and has multiple server locations for disaster recovery. It also provides document control and DRM, including dynamic watermarks and lock-down of files. Document expiration is also a feature to prevent data breaches.
Box is another good VDR. It’s cloud-based storage system that can be used to support M&A and contract negotiations. It is able to provide bank-level security both during transit and while the data is in storage. You can also personalize your data room by adding your own brand. It also offers high-quality previews for 30+ file types and an extensive activity tracking. It also offers a broad variety of integrations that allow sharing of content with colleagues.