VDRs are essential for businesses that handle sensitive data. They can also facilitate a variety of business processes. They should be considered part of a larger security strategy for data, which includes regular assessments of risk and training, incident management plans, ongoing monitoring and the introduction of robust technical controls.
The most obvious reason for implementing a vdr is to protect private documents during business transactions. A company that is conducting due diligence prior to a merger and acquisition will want to make it as easy as possible for the prospective buyer of the documents to read the documents without worrying about theft or misuse. However, the need for speedy and secure document sharing can arise in a myriad of scenarios like when legal counsel requires access to company records, auditors need access to audit reports, or when a board member who is located away wants to review critical documentation.
Security features for data in vdrs include access control encryption mechanisms, access control, as well as audit trails that help to ensure compliance with the requirements of regulatory standards like GDPR. In addition, a number of VDRs offer features such as dynamic watermarking that overlays confidential documents with invisible or visible markers that can be traced in the event that a document is stolen outside the VDR.
In the event of an incident the detailed logs a vdr stores can help with the forensic investigation. They can also help companies understand what data was affected and how the breach occurred. In addition the auditing capabilities of a vdr can provide insights into areas where further improvements may be required.
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