An online data room is a secure cloud-based platform that allows you to share sensitive information with several parties. These websites can be used for a variety of projects, including business agreements and legal cases. These rooms come with a range of security features, including password protection and granular document access rights that can be set down to the level of folders. The rooms can also be configured to restrict the access based on the IP address and date as well as time.
Online data rooms can be used in mergers and purchases when buyers need to access confidential documents. This procedure can take months and companies require a secure method to transfer huge amounts of data. Virtual data rooms let buyers look over documents without going to the office of the company which saves time and money.
To access an online data room, users need to sign a non-disclosure agreements (NDA) prior to entering. They must also create a username and password, and agree to the terms of service and privacy policies. Many vendors offer training programs to help users comprehend the system and how to access the information they need.
A good data-room online provider will let you control access to documents as well as monitor user activity. For example they will track the time that users enter the room, which documents they view, and how many times they have viewed them. The software should permit you to back up your documents in the event of a disaster to a remote location.