How to create a virtual data room? All you need to know!

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How to create a virtual data room? All you need to know!

A virtual data room is predominantly used in merger and acquisition deals. A virtual data room is a cloud storage system used when there is enormous data to store. The term seems very complicated. But in reality, it is very simple to create and use. The purpose of this blog is to explain to you:

• How to create a virtual data room?
• Elements of a virtual data room.
• What is the best virtual data room?

Related article: Virtual Data Room – Everything you need to know about VDR

How to create a virtual data room?

Creating a virtual data room is very simple. It is like using any other form of the cloud storage system. Choose a virtual data room provider. DCirrus is the best virtual data room provider in the market. Increase your productivity and ensure your privacy with DCirrus.

The first step is to create groups and users. A virtual data room can have several groups. Each group is created to store a particular set of data. When a virtual data room is created, some personnel are assigned as admins. Generally, the management or partners are made admins. Once the groups and users are created, the admins will have to give permissions. Permissions are granted to specific personnel because data is stored in these data rooms are highly sensitive, not everyone will have access to all files. Once permissions are granted, documents are uploaded into the data room. The admins authorize the entry of every document. Only documents relating to the deal are uploaded into the data room.

Elements of a virtual data room:

The following are some of the essentials of a virtual data room:

Watermark:

Watermarking every document is very essential. While transacting documents, watermarking ensures that the documents are not misused by the receiving parties. This is important especially when intellectual property rights are attached to the documents that are being transacted. Watermarking provides a basic level of privacy and security.

Data back up:

The problem with storing data virtually is that one technical error and the data can be lost. To prevent losing data, it is important to back up data now and then. You have to keep in mind that the process of backing up data has to be secure. Once data is backed up securely, the data can never be destroyed, it can always be retrieved.

Encryption:

A data room must be encrypted at multiple levels. There is always a possibility of some kind of unauthorized. Encrypting the data room at multiple levels reduces the risk of unauthorized access which reduces the probability of data breaches. 

Virus scanning:

Merger and acquisition deals take place in data rooms. This means that there will be an extensive exchange of documents. It has to be kept in mind that one virus can destroy the entire system. Therefore, scanning the documents that enter the data room is very essential.

Certification:

It is fundamental to check if the data room provider has various certifications like the ISO certification, EU GDPR certification, and so on. Companies have to meet standard requirements to obtain these certifications. This means the quality of the provider will be good. For example, if a company has an EU GDPT certification, it means that the data room will have the privacy regulations, which will in turn ensure the privacy of your documents.

Multi-level authentication and verification:

In a data room, the admins get to decide which personnel has access to how much data. There must be a restriction in entry by the multi-level verification. For example, if someone has to access some documents, it would safer to verify with a security pin. This ensures the security of the stored and transacted documents in the data room. While choosing a data room provider, check for their verification mechanisms, this is an important feature to consider while choosing a data room provider.

Access from other devices:

Sometimes, the documents have to be accessed from somewhere else. There is a possibility that the person will not have access to the official desktop. One must have access to all the documents from other devices. However, one will only get access if it is necessary and such access should come with some sort of security mechanism. The admins have to know about all the other devices. This feature is important as it gives the flexibility of work and ensures that the documents are not compromised.

User-friendly and accessibility features:

For smooth functioning, the interface of the data room has to be user friendly. It should be accessible. If there is a task management feature, it aids efficiency. A Q&A section where the users can ask questions and get answers in a great feature to have. This will ensure a speedy process of clearing doubts. A smart search feature is key to save time and energy. Integrations with the third party in a secure way are crucial. This increases productivity but it has been to secure to ensure privacy.

What is the best virtual data room?

There are several data room providers in the market, it is important to choose the right one. While making a choice, the above-mentioned features should be taken into consideration. Some of the virtual data room providers in the market are iDeals, Brainloop secure data room, Intralinks, and so on. These are just a few of the many providers in the market. The data room market is very wide and prevalent. It is naturally is not very easy or simple to handle. This is where DCirrus comes to the rescue. Dcirrus is the best data room provider in the market. The following are some of the features of the Dcirrus data room:

Unlimited storage:

Amazon web services (AWS), provides backup to Dcirrus, so it comes with unlimited storage to all the users.

Multi-level authentication:

Cirrus has a very secure system. The users and groups are verified at various levels. The admins can choose the mode of verification. They will have control over who and what enters and leaves the data room.

Data backup:

Dcirrus has a regular data backup feature. The parties can decide the intervals at which the data has to be backed. The process of backing up is extremely secure.

Watermarking:

Dcirrus allows the parties to watermark their documents. This helps them ensure privacy and security.

Multi-level encryption:

The encryption of the data room at multi-levels. This makes it the safest data room in the market.

Limited access:

The admins can decide who enters the room and what they do with the documents that are available in the room. They can restrict them from copying the data to other devices. They can grant permissions to whoever they deem fit.

Management tools:

Dcirrus has a case management feature for lawyers and degree verification for universities and employers. It also has an account reporting feature. DCirrus helps in the management of the stored data and transacted in the data room. Thereby, increasing your efficiency and productivity.

Device security:

Dcirrus has a device security feature, this is highly useful when using several devices.

Data localization:

Normally, the problem with any cloud storage system is that the user will have no idea where to find the data. But DCirrus uses AWS, this provides data localization. The user will be completely aware as to where to look for for any particular data.

Certification:

Dcirrus meets various security and privacy standards. It has the following certification:

• AICPA SOC for a service operation.
  • ISO 27001 for security management.
  • ISO 9001 for global quality standards.
  • Cloud security alliance (CSA) control
  • HIPAA.
  • EU-GDPR.

DCirrus is the safest and best option that is available in the market. At DCirrus, your privacy is our priority. We are customer-friendly and ever ready to help you. Our data rooms have all the essential features and other features for convenience.

Check out all our features here: https://dcirrus.com/

Choose efficiency, productivity, privacy!

Choose DCirrus!