A data room online is an online secure cloud platform that lets you share sensitive data with multiple parties. These websites can be used to complete a broad range of projects like business deals and legal cases. These rooms have a range of security features, such as password protection and granular document access rights that can be configured down to the folder level. In addition, these sites can be set up to restrict access to users based on date and time or by IP address.
Online data rooms are often used in mergers and purchases when buyers need access confidential documents. This process can take months and companies need a safe method of transferring huge amounts of data. Virtual data rooms enable buyers to read documents and save time and money by not needing to travel to the company.
To access an online data room, users are required to sign a nondisclosure agreement (NDA) before entering. Users also need to establish an account and password, and accept the terms of service and privacy policy. Many vendors provide training to help users understand the system and how to get the information they require.
A good online data room provider allows you to control access to your documents and can track user activity including when they enter the room, which documents they look at and how often they are viewed. The system should allow you to back up your documents in the event of an emergency to a remote location.