Virtual Data Rooms (VDRs) are highly secured online platforms that allow the seamless sharing confidential documents and other business information with third-parties in the course of a deal. They provide a safer alternative to sending sensitive files via email, but this poses a number of potential security vulnerabilities that can cause legal liability.

As a rule, the most reliable virtual rooms are ISO27001-compliant and feature a variety of security features, such as two-factor authentication and active watermarking. They also have access restrictions according to IP address and timed expiry. Some also have a dedicated support team who are available anytime. A reputable company will offer a variety of deployment options like cloud-based or on-premise and be easy to use and user friendly.

There are a variety of VDR portals to choose from, but choosing the best one for your needs will depend on the goals you intend to achieve. Some VDR vendors tailor their applications to specific industry verticals while others provide a general purpose platform which can be customized with workflow templates. Finding the VDR that is affordable and meets your requirements is the most crucial factor. An excellent place to start is to read reviews (with taking a pinch of salt) and contacting the providers directly to determine how responsive they are. Many will also offer a free trial period to help you determine if they are the right fit for your company.