VDR features that are the most crucial for companies that are evaluating virtual data rooms are security, scalability, accessibility and support. Security features include antivirus and malware scanning, firewalls and multifactor authentication, as well as advanced encryption for uploaded files. Audit logs with detailed audit information provide a history of all actions taken in the VDR, including views, downloads and changes made to folders and documents. VDR administrators have the option to create custom watermarks which include a name as well as a time stamp to every downloaded file.
A great VDR will also allow users to alter their interface and notifications. Support should be accessible via phone, email, in-app live chat and help centers with videos of the product. The device must also be compatible with Apple devices, Android devices and Blackberry without the requirement for additional plugins. Advanced text search enables quick and easy review of documents, files and folders. The tools for organizing folders must provide a hierarchical structure as well as the logical organization of files, with tags providing an extra layer of flexibility. A Q&A section lets users to ask questions and get answers to specific questions about documents or folders.
Private equity firms and VCs often work with many clients at once, which requires them to quickly and efficiently share reams of data. In these scenarios VDRs are the ideal solution to make due diligence simpler and more efficient. Other industries that have found VDRs useful include life science, technology, and financial services. VDRs allow these businesses to simplify the sharing of confidential information during litigation with clients lawyers and third parties.