Data rooms are a secure and efficient way to share documents securely with clients employees, investors, or partners. It isn’t easy to determine who has seen what when there are so many people watching the same document. Here’s how to ensure that the information is only in the hands of authorized users.
Find out what you need to include before uploading: determine what documents must be included in the data room. Create an organizational structure that represents your transaction or business. Label the folders and documents to make it easier for stakeholders to find what they’re searching for. Consider the use of a due diligence checklist, which can help maintain organization and can help to reduce the chance of sensitive information getting into the wrong hands.
Set access and permissions Use granular security options to limit who can access or print files in the data rooms. Search for data rooms that make use of multi-factor authentication, well as other security measures that are standard in the industry. This will prevent unauthorized third parties from gaining access.
Monitor usage: After the data room is launched it is important to monitor activity using tools like audit logs or reports of user activity to track who has visited which documents and when. This helps administrators monitor and respond to any issues that might arise during a deal.
Keep stakeholders informed: Send personalized email notifications based upon frequency via the dashboard of your data room to keep everyone up-to-date with the data room software providers latest tasks, Q&A threads and deadlines. For long-term usage, look for a company that offers flexible subscription plans that allow you can easily upgrade or downgrade functionality or storage in line with your company’s needs.