A secure online data room is a platform that allows multiple parties to share confidential documents. These websites can be used for a variety of projects, including business agreements and law cases. These rooms provide a variety of security features, such as password protection and granular document permissions that can be set to the folder level. These sites can also be set up to restrict the access to the site based on IP address and date as well as time.
Online data rooms are often used in mergers and purchases when buyers require access to confidential documents. The process can last for months, and companies must be able to transfer large amounts of information. Virtual data rooms let buyers examine documents without having to travel to the company’s offices which can save time and money.
Before logging into an online dataroom, users need to sign a nondisclosure agreement. They must also create an account with a username and password and agree to the terms of service and privacy policies. Many vendors offer training programs to help users comprehend the system and how to get the information they require.
A good online data room service can allow you to control access to your documents. It will also track user activity like when they enter the room, which documents they are looking at, and how often they are viewed. The software should permit you to back up your documents in the event of a disaster and transfer them to an unreachable location.