Data rooms are a secure and simple way to share documents with partners, clients or investors. However, with so many parties looking over the same files, it can be difficult to keep track of who saw what. Here’s how to ensure that the data stays where it should – in the hand of authorized users.
Choose what information to include. Before uploading, consider which documents belong in the data room. Create an organization structure that is reflective data security of your transaction or business. Label your folders and documents to make it easier for those involved to find what they are searching for. Also, consider the use of a due diligence checklist that helps to keep the organization in place and can minimize the risk of sensitive information getting into the inappropriate hands.
Set access permissions and limits Use granular security settings to restrict who can access, download, or print files within the dataroom. For the most secure data rooms, you should look for multi-factor authentication, as well as other industry-standard security measures to prevent unwelcome third parties from getting access to the data room.
Monitor use When the data room has been launched and you can monitor the activity with features such as audit logs and reports on user activity. This will show who viewed what documents and when. This helps administrators monitor and address any issues that may arise during a deal.
Keep stakeholders up to date: Send out custom emails based on frequency via the dashboard of your data room to keep everyone up-to-date with tasks, Q&A topics and deadlines. Find a service that offers flexible subscription plans. This will allow you to upgrade or downgrade features or storage in accordance with the needs of your business.
