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Cloud data rooms are cloud services that are specifically designed to store and share sensitive business information in a secure environment. They can be used to assist with due-diligence during M&A deals, IPOs and legal proceedings but can be utilized in any situation requiring the secure and streamlined handling of sensitive documentation.
Virtual data rooms are highly flexible, and can be accessed via an internet connection. However, unlike traditional desktop computers, laptops, and servers that can be stolen or damaged from your office, the data stored in the cloud is protected by a variety of security layers. That includes firewalls, encrypted transmissions, and multiple backups to avoid accidental or malicious loss of data.
A virtual data room has a variety of functions to aid the processes dealmakers manage. It includes a Q&A feature as well as advanced permission controls bookmarks and notes, and detailed monitoring of activity. They also offer a more extensive level of support than traditional cloud storage solutions as many providers provide in-app support via phone, email, or multilingual support, as well as dedicated teams and managers.
It is important to determine whether a data room in the cloud service provider is accredited with ISO 27001 and SOC 2 accreditation. This is an independent test that determines the capability of a provider to protect sensitive data from security threats and proves their conformity to internationally recognized standards.