The technology that drives storage for data has grown to include options beyond physical locations. This growth has prompted organizations to use tools such as virtual datarooms and cloud storages to manage their workflow. Both options offer benefits however there are some differences to be considered when looking at them.
vdr vs cloud storages
When you are sharing sensitive information with third parties, it is essential to have a reliable process to manage your transactions. This includes having a secure platform where all parties have access to files, comment and collaborate on their contents, and in some cases sign documents using services such as DocuSign. You also need to be able track your data at all times, and be aware of how it is used. A virtual dataroom allows control and visibility through many features specifically designed to ensure secure document exchange in confidential transactions.
While some cloud storage platforms offer the ability to share files however they do not include the security features that are essential for due diligence and transaction management processes associated with confidential transactions. These features are typically included in VDR solutions and include enhanced security, more granular access controls, multi-factor authentication, and comprehensive audit trails.
While the VDR may seem like an extravagant expense, many businesses and people are shocked to discover how it’s affordable and practical. The majority of providers offer a freemium plan, which allows you to receive a limited amount of complimentary storage space, and upgrade to pay a monthly charge for more storage. This is a more affordable option than organizing and storing your own hardware within the company.