10 Businesses That Can Benefit from a Virtual Data Room
3 January, 2023A Virtual Data Room (VDR) is an online platform where businesses can transact and store and share confidential documents in a totally secure environment. The benefits of secure document-sharing apply to a wide range of businesses and professions. Here are a few of the types of businesses that can benefit from ShareVault’s VDR platform.
1. Pharmaceutical and Biotech Companies
Drug and medical device development typically requires collaboration among multiple parties, from initial clinical trials and in-house team collaboration to later document sharing among labs, third-party experts, manufacturers, distributors, and regulatory agencies. At every step in the process, confidentiality is of the utmost importance, to maintain compliance with HIPAA and other regulatory statutes and to ensure that product developments are shielded from competitors and cybercriminals.
ShareVault’s ultra-secure VDR environment is ideal for storing, organizing, sharing, and co-authoring pharma and biotech development documents. ShareVault Data Rooms are 21 CFR part 11 Compliant. ShareVault’s feature list also includes Collabloop, task-management software for “redlining”, the collaborative process of editing a proposal or regulatory document to its final form.
ShareVault’s benefit to the industry has led to its selection as the favored Business Solutions Program by the Biotechnology Innovation Organization (BIO) and more than 50 other life science industry trade associations.
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2. Investment Firms
Security is among the most important factors for investment firms communicating with investors and with analysts, lawyers, and other third party groups, even those in remote locations. A virtual data room allows investment teams to structure deals without worrying that confidential and time-sensitive information can fall into the wrong hands. When a deal reaches conclusion, ShareVault’s activity register provides a detailed record of any and all interactions, suitable for submission to regulatory agencies.
3. Banks and Financial Institutions
Banks and financial institutions are well-acquainted with security protocols to protect their user accounts. A virtual data room - often called a “virtual deal room” in finance - comes into play when these organizations engage in multi-party activities like tiered investments, mergers and acquisitions, and due diligence. A VDR platform like ShareVault ensures confidentiality throughout the process: assembling and organizing troves of documents, setting up protocols to control document access and sharing, recording in granular detail each party’s history of access and document usage. To speed the process, ShareVault includes a Due Diligence Checklist: upload the Due Diligence form and it will automatically create a Table of Contents with folders for each item on the list. Once the folders are in place, the due diligence team can securely store the Executive Summary, confidential information memorandums (CIM), Indication of Interest (IOI), Letters of Intent (LOI), and other reference documents.
When a deal is ready to share, ShareVault’s permissioning controls allow the administrator to invite potential investors and regulatory agencies.
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4. Real Estate Companies
Real estate companies rely on many different forms and documents related to property purchases, sales, and rentals. These confidential documents are shared with buyers, sellers, potential investors, other realtors, and escrow companies. Traditionally, these forms could only be shared by mail or in person, but changes during the pandemic have made electronic transmission legal in most states.
ShareVault’s bank-grade secure platform is ideal for uploading and sharing real estate confidential documents. ShareVault has built-in software to speed the process of organizing hundreds or thousands of documents, with password-protected access to ensure that only authorized parties can view content. ShareVault also has a detailed activity register that provides a record of usage by every party.
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5. Law Firms
There may be no profession with a greater need for sharing large amounts of information than the document-centric legal world. From corporate legal departments to private law firms, success depends on the ability to effectively and securely manage critical information exchanged among multiple parties, as quickly and securely as possible.
The best way to meet a law firm’s document security challenge is with a VDR, a centralized, cloud-based repository where the legal team can organize documents and provide authorized users secure access from anywhere, at any time. With ShareVault’s VDR, law firms and in-house counsel can easily access, manage, search, and publish case-relevant documents 24/7, and share those documents with clients, legal teams, expert witnesses, litigation support vendors, and other authorized parties. As needed for legal review, ShareVault’s activity register provides a granular level of detail of document access and usage.
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6. Tech and Software Companies
The tech industry is built on innovation, and its culture is based on productive collaboration. Unfortunately, so is the cybercrime industry, which now uses the latest iterations of AI to attack tech firms and their product development process and intellectual property.
ShareVault protects tech’s secrets, both those in archives and those in development. In addition to ShareVault’s enterprise grade security for archived documents and extensive controls over user access permissioning, ShareVault includes an optional feature called “Dynamic Native File Protection” (DNFP), which provides security for work-in-progress documents generated using Word, Excel, and other popular apps that have only consumer-grade security.
ShareVault’s secure VDR environment not only protects a tech firm’s confidential documents during development projects, but also in critical endeavors like partnering, mergers and acquisitions, and fundraising.
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7. Manufacturing Companies
Like tech firms, manufacturing companies maintain archives of confidential documents, from historical financial records and contract agreements to patents and other intellectual property. These companies need document security that keeps pace with advances in cybercrime – levels of security not available with DropBox, Box, Google Drive, and other consumer-grade file-sharing platforms.
A VDR like ShareVault delivers the enterprise-grade security that is necessary. ShareVault protects archived documents, and its document access protocols ensure secure communications with partners, investors, and other third parties, even when the security of these remote parties is untested.
8. Research Institutions
Universities and research organizations frequently develop new and innovative products and services and project their use and value in society. In many cases, these organizations are responding not only to a desire for academic stature, but also to gain the financial benefits of benefactors and patent and intellectual value in the marketplace.
The research process entails examination of troves of source documents and the generation of tests, analyses, projections, and other proprietary documents. The process is typically collaborative, engaging a team at the organization as well as expert third parties at other universities or private firms.
ShareVault’s ultra-secure VDR protects the research and development process, no matter how many documents or parties are involved. ShareVault’s built-in software features improve the speed of the collaborative process, right through to sharing a project proposal to academia and to potential investors and benefactors.
9. Non-Profit Companies and Charities
Nonprofits are important sources for care of vulnerable populations in our communities, especially among seniors, children, and low-income families. A cyberattack can expose sensitive information of these groups and individuals – names, social security numbers, medical records, and other personally identifiable information (PII). From a financial point of view, lack of proper security measures can expose donor lists.
Failure to adequately protect data not only threatens the organization’s mission and finances but also can result in civil and criminal legal exposure.
While nonprofits typically lack the financial resources of for-profit companies, these organizations can make modest outlays to protect their sensitive data: an online virtual data room. ShareVault has extensive experience in finance, healthcare, and biotech, all areas that require rigorous protections for client lists, including HIPAA-regulated PII. ShareVault’s support staff can help a nonprofit improve their cybersecurity so they can continue their missions.
10. Event Planning Companies
Event planning firms are well-practiced in providing security on-site, with a focus on theft, crowd disturbances, and acts of violence. Depending on the size of the event planning organization, these threats are managed by in-house or contracted staff.
Less obvious for event planning is the issue of data security. Protecting the personal information of guests is critical, particularly when that list is keyed to an online billing or ticketing system.
A ShareVault virtual data room (VDR) is the answer: an online platform with enterprise-grade security for guest information, and protections when sharing that information with guests, vendors, and contractors. ShareVault VDR plans are customizable, meaning the organization can scale its subscription plan to match its event schedules.
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When you communicate with partners, third parties, and outside agencies, ShareVault provides affordable and secure information sharing. Learn more about how ShareVault helps our customers collaborate and share information safely and effectively.