How to Protect Sensitive Documents with a Virtual Data Room

13 January, 2023

In today’s digital world, professionals must be able to protect their sensitive documents. While file-sharing apps like Box, DropBox, Google Drive, and OneDrive are sufficient for storing routine documents, a number of critical business functions need far more robust security, including:

  • Financial records used in due diligence, fundraising, asset sales, reorgs, and initial public offerings (IPOs)
  • Intellectual property
  • Lab reports with HIPAA-regulated patient information
  • Litigation records and research
  • Customer, investor, and vendor information
  • Investor communications
  • Product, market, and competitive analytics
  • Pharma, biotech, and finance regulatory submissions

Secure Your Confidential Records in a Virtual Data Room

A virtual data room (VDR), commonly called a “virtual deal room” in finance, is an online resource for secure document sharing. With a quality VDR provider, a company can safely store hundreds or even thousands of documents. Strict security protocols ensure that only the right people have access to confidential documents, with additional protocols that define document usage - protocols that are far more rigorous than file-sharing apps like Box, DropBox, Google Drive, and OneDrive.

ShareVault has been the #1 VDR platform choice for more than 15 years. With ShareVault, companies can collaborate on deals, transactions, product development, and other complex projects knowing their sensitive information remains secure.

Below are some best practices tips to get the most document protection in a VDR.

Protect Your Passwords

ShareVault uses two-step verification for passwords. With two-step verification, a user enters his or her password and then receives a unique, secure code via text message or through the Google Authenticator app. Once the unique code has been entered into our system, the user is able to log on and view and share documents.

Use Encrypted Connections

All ShareVault files are encrypted with the security industry’s highest standard, AES-256. ShareVault uses HTTPS over Secure Sockets Layer (SSL) to protect files in transit. ShareVault has earned multiple security certifications, including SOC 1/2/3, PCI, ISO 90001 / 27001 / 27017 / 27018, FedRAMP Moderate, DoD CC SRG IL2, HIPAA, and HITRUST.

While encrypted connections protect data in transit, controlling use of a document is equally important. A user must be working from an authorized device. Use of any document should be defined, with controls that include read only, share, copy/paste, save, screen-save, download, and print. Additional strictures define how long a user has access, which is important when third parties are involved for a specific period of the project. These controls help guarantee that only authorized users have access to your sensitive information and you remain in control of what they can do with those documents.

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Monitor Activity

ShareVault’s built-in software features the ability to monitor user activity - who is doing what, for each document interaction. Activities are displayed as a scrollable list of events or as a graphical timeline, providing an outside look at trends or patterns in document use.

This monitoring capability helps the project administrator or team leader measure productivity and ensures proper adherence to security protocols. The activity monitor also serves as an alert system that helps identify any suspicious activity, so that action can be taken.

ShareVault makes it easy to double-check that users have the correct access permissions: Admin simply clicks the "View As" feature, which provides a list of those who have access to each document and their access status. When a mistake is made or the admin wants to alter a user’s access status, he or she can do it with a simple click.

Another important use of the ShareVault activity monitor is audits for regulatory submissions. The VDR administrator can provide a record of every interaction by date, time, and user with a simple click.

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Integrate with DocuSign and other Software

ShareVault seamlessly integrates with other tools and cloud-based systems. With ShareVault’s integration capabilities, the team VDR administrator can move documents from other systems into ShareVault with a single click.

With ShareVault, documents can be sent out for signatures using - without ever leaving the protected VDR environment. Users will still have use of DocuSign features, such as signature placements, form fields, template design, and the eSignature workflow flexibility.

To improve the speed of document loading, ShareVault also integrates with DropBox, Box, SharePoint, and Microsoft 365. For example, when you update documents in a directory in DropBox, your end users will see the updates on ShareVault – you don't have to upload the revised documents to ShareVault, ensuring version control.

Check Out a ShareVault Virtual Data Room Today!

With the help of ShareVault, you can protect your sensitive documents and keep access limited to authorized users only. Be sure to regularly review and update your security measures so they remain effective in protecting your sensitive information.

ShareVault helps guarantee safe document sharing by providing extensive controls over document access and user permissions. We secure sensitive data, improve your company's efficiency, and may even cut operational costs. Contact us today for a consultation about your VDR needs.

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