A cloud data room is a cloud solution specifically designed to store and sharing of confidential business data in a secure and safe environment. They’re used to support due diligence during M&A transactions, IPOs and legal proceedings, however they can be utilized in any scenario that requires security and efficiency of managing sensitive documentation.

Like any other cloud-based software that is available, a virtual data space is extremely scalable and simple to access – all you need is an internet connection. But unlike traditional laptops, desktops and servers that could be stolen or damaged from your office, the data stored in the cloud is secured with multi-layered security measures. This includes firewalls secure transmissions, encrypted data transmissions, and multiple backups to prevent any accidental or malicious data loss.

Alongside this enhanced security, a data room provides a range of features that are designed to aid the processes dealmakers manage. They include a Q&A section, advanced permission controls and bookmarks and notes. They also provide precise tracking of activities. They also provide a much more extensive level of support than traditional cloud storage options as many providers provide in-app support via phone, email, or multilingual help and dedicated teams and managers.

It’s important to check whether a cloud-based data room provider has ISO 27001 and SOC 2 accreditation. This is an independent audit that evaluates the ability of a service to safeguard sensitive data from security threats and demonstrates their conformity to internationally recognised standards.

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