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Free file-sharing programs like Google Drive or Dropbox are good for sharing files in small groups, but they do not provide the same level of security data rooms do. They lack the features required to transfer sensitive documents used in business, including auditing, watermarking and permission settings. This is a major problem, especially during M&A processes where a single leak can be costly for the deal and your business’s reputation.
If you want to protect your private information, you need to choose a trusted virtual data room (VDR). Firmex offers solutions for the investment banking biotech, government, energy and legal industries and is among the most known and trusted platforms in the field. Firmex uses multi-layered encryption to transfer and store information and has multiple servers located in different locations to ensure disaster recovery. It also provides document control and DRM, such as dynamic watermarks and lock-down files. Document expiration is also an option to protect against data breaches.
Box is another excellent VDR. It’s cloud-based storage service that supports M&A and contract negotiations. It has bank-level encryption during transit and in rest, and permits you to personalize the data room experience using your own brand. It also provides high-quality previews for 30+ file types, and robust activity tracking. It also comes with a vast array of integrations to make it easier to share content with colleagues.