QUESTIONS & ANSWERS

Does it really matter which Virtual Data Room you use?

Even though most industry VDR platforms offer the same level of security, they still have many differentiating aspects. Those being in regards to features, functionality, price, customer service and more. This is why it is always important to do your research and read reviews.

How does a Virtual Data Room differ from a regular file host service?

At first, you may recognize that VDRs like Firmex, have a lot in common with a service like Dropbox. There are many very important differences to acknowledge before transferring information. The first differentiator is security. With a virtual data room, data is encrypted and stored in a secure server bank, rather than spread across lots of unsecure servers. The second and equally important differentiator is restricted access. A virtual data room allows the administrators on the account to control the ability of other users. This includes access to folders and documents.

How does a Virtual Data Room differ from a regular file host service?

At first, you may recognize that VDRs like Firmex, have a lot in common with a service like Dropbox. There are many very important differences to acknowledge before transferring information. The first differentiator is security. With a virtual data room, data is encrypted and stored in a secure server bank, rather than spread across lots of unsecure servers. The second and equally important differentiator is restricted access. A virtual data room allows the administrators on the account to control the ability of other users. This includes access to folders and documents.

What is due diligence?

The phase of a deal in which the client performs an extensive review. This review is of the target’s records and information. This is necessary to properly formulate a proposed value and structure for a deal.

What is Two – Factor Password Authentication?

The transactions are made through an online platform and because of this more security measures are necessary. The two factor security protocol is a mix of both password and a pin to make sure uninvited users are denied entry.

Luckily, Firmex uses this and also uses the latest encryption technology in its data room. This makes sure and information that is sent through servers to the virtual space is protected against cyber theft.

What pricing should you expect from Virtual Data Rooms?

For businesses on a budget, this would take precedence over other factors, while more established firms with adequate resources, pricing takes a back seat. Some virtual data room providers have a fixed rate pricing module with zero limitations regarding the number of users and the amount of data transferred using their platform. Others have caps on the number of users and quantity of data transferred with fees attached if you want such caps removed.