Should Your Business Have a Virtual Data Room?

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Data breaches are no joke. Did you know that the average cost of a breach is $7 million for a US business? That’s some serious money, enough that no business can afford to throw it away without making any considerations. And those are just the financial costs!

Fortunately, there is a solution in the form of virtual data rooms. A virtual data room is an upgraded version of conventional cloud storage. The difference is that it’s more secure and data is heavily safeguarded.

virtual data rooms
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With that in mind, we’re going to look at whether your business should invest in a virtual data room.

The Data Boom

Not many people know that 90% of all data online was actually created within the last two years, which means that standard data storage mechanisms are no longer relevant. The virtual data room can handle great amounts of data and handle it in a secure way.

This save time, enhances security, and improves efficiency.

The Preservation of Documents

Conventional documents in physical data rooms get damaged, lost, and destroyed all the time. No matter how careful you are as a business this is going to happen to you.

secure documents
Licensed Image from Shutterstock – By Maksim Kabakou

By sending all your documentation virtually you’re going a long way to preventing this. You’re ensuring that all documents are available at all times from multiple locations. They’ll be in their original condition and it requires practically no effort on your part.

Lower Setup and Running Costs

Look at virtual data room information from a number of providers and you’ll see that operational costs are much lower than other data storage options. Physical data rooms and other online data rooms will make a dent in your operational costs.

A virtual data room will give you access to your documents whenever you need them. This can be done in a secure manner, particularly when showing outsiders sensitive information.

Sending the Right Message to Others

Security is not just an internal issue anymore.

It’s an issue for everyone involved with the company. You need to keep in mind that security will make you more desirable as a company to both investors and customers.

By storing everything in a virtual data room you’re increasing the level of trust with those who you do business with. Savvy customers know their data is safe and you’re less likely to inadvertently leak anything as your data is much harder to reach in a virtual data room.

Access Anything from Anywhere

Your virtual data room can be accessed from anywhere. Imagine requiring a sensitive piece of information when you’re at a business conference or anywhere else. Without this in place you’ll find it difficult to provide that information without a lot of hassle on your part.

Anyone you authorize can get the information they need, regardless of where they are in the world. This makes your company more efficient and ready  to take on anything that it faces.

It’s Easy to Setup

There’s nothing difficult about making sure that you have a virtual data room for your company. Most providers make it easy to begin setting up and depositing your documents. They also handle all the security matters and offer a customer service outlet to help you with anything you might need.

It may be difficult for some companies to entrust the security of their data to an outsider, but these companies are certified and they’re committed to protecting their customers.

Due to the proliferation of big data, even bigger companies are beginning to outsource this part of their operations with confidence.

Should You Worry about Security?

data security tactics
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It’s true that there are security concerns with the cloud. These concerns continue to exist, at least to an extent. But there are things you can do to make sure that you get around these concerns. A virtual data room is the first step, as it provides additional layers of security beyond that of cloud storage.

You should also make sure that only the right people within your company are able to access sensitive information. Implement the best password practices and two-factor authentication, and ensure that you review your security arrangements on a regular basis.

Last Word – Getting Started with the Virtual Data Room

As you can see, the virtual data room is extremely effective at making sure that your sensitive information is safe. It’s cheap, secure, and accessible from anywhere.

Do you believe that the virtual data room is the right way forward for your company?