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Learn about security requirements for the Data Room

Keep the essential data secure: Data Room Virtual solution

data room software

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Cloud services have become an integral part of the modern business world. This is especially true for the SaaS area. This article will discuss how Virtual Data Room keeps your data secure. 

Manage company-sensitive data securely with Data Rooms

The development of information technology has led to a change in ways of doing business. The organization of electronic information exchange between enterprises allows to significantly increase the efficiency of its activities by reducing communication costs, reducing the number of staff involved in processing incoming and outgoing documents, eliminating possible staff errors, reducing time to organize the transaction, provides speed and accuracy, and high-speed financial calculations.

The main form of organization of information arrays is databases. Nowadays, database protection is one of the most difficult tasks. Thus, most businesses prefer using some innovative solutions like Virtual Data Room, which ensures a secure environment for data exchange and other business operations.

To prepare a large amount of company-sensitive data for the respective sub-areas of a Due Diligence or other business operation, the structuring and provision of the data require a high degree of accuracy. This enables a transparent basis for decision-making for those involved. Data room virtual provider is the ideal tool to meet this responsibility.

Safety is paramount

All providers provide multi-level protection for access to the data. Data integrity tools also make a contribution to the overall security of the Data Room, as they prevent data from becoming inconsistent and, consequently, prevent the risk of incorrect calculation results.

So, there are the following Data Room measures for providing security:

  • Encryption is data using a special algorithm, as a result of which the data becomes unreadable by any program that does not have a decryption key. To organize the protection of data transmission over unsecured networks, encryption systems must be used, including the following components: encryption key, encryption algorithm, decryption key, decryption algorithm. The customer’s data is always stored in the data centers with AES-256-bit encryption. Encrypted communication with the Data Room via SSL and TLS is also standard.
  • Authorization and authentication. The password mechanism is one of the most common methods of verifying the identity of users. In terms of providing the required level of protection, it is very important that all passwords used are kept secret by users and regularly updated at regular intervals. During the registration procedure in the system, the password should not be displayed on the screen, and the lists of user IDs and their passwords should be stored in the system in encrypted form.
  • Copying. The procedures governing the backup processes are determined by the type and size of the database used, as well as the set of appropriate tools provided to the database used. These procedures should include the necessary steps at which the backup of the entire Data Room with a certain frequency will be performed directly, as well as the mandatory backup performed with a higher frequency.
  • Audit. One of the purposes of the audit procedure is to verify that all the controls provided are in place and that the level of security meets the established requirements. During the inspection, the auditors can get acquainted with the manual procedures used, inspect computer systems and check the status of all available documentation for this system.