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Things You Need to Know About Virtual Data Rooms

Meanwhile, other VDR services come with their virus and malware protection to further enhance their overall security

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Virtual, Data, Cloud
The spokesman for the U.N. Office for the Coordination of Humanitarian Affairs, Jens Laerke, says heavy flooding has been ongoing since July and this is heightening the risk. Pixabay

A virtual data room, as the name implies, is cloud-based file storage. This type of storage allows businesses to store data and share confidential information without any worries of security, especially during a financial transaction.
During such an operation, parties can view documents and other vital data in real-time without having to resort to emails or other public file sharing options.

A couple of virtual data rooms make use of encryption protocols to secure essential files during a transaction. Meanwhile, other VDR services come with their virus and malware protection to further enhance their overall security.

What Type of Information Does VDR Contain?

Usually, the files a virtual data room stores are private and confidential. Businesses typically use VDR for storing important and sensitive data such as intellectual properties or patents. 

Virtual, Data, Cloud
During such an operation, parties can view documents and other vital data in real-time without having to resort to emails or other public file sharing options. Pixabay

Back in the early 2000s, virtual data rooms were introduced as document storage and sharing platform, which then transitioned into online storage and sharing. The fact that they were a lot less expensive and time-saving than housing physical documents make them a better option for lots of businesses.

Why Using a VDR is Beneficial?

The best benefit you can get from using virtual data rooms is the peace of mind knowing that your company’s valuable information is kept secure and confidential. 

Apart from that, a virtual data room can upload tons of documents, grant permissions to specific users, monitor user activity, and a lot more. It’s for these features why a lot of companies place their trust in VDRs to secure their most confidential company data.

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A virtual data room replaces physical data rooms when it comes to financial transactions. Since physical data rooms have limited capabilities, not to mention they’re time-consuming and inconvenient, they quickly became outdated and surpassed by virtual rooms. 

VDRs can be used in a lot of fields, including:

  • Corporate (sharing confidential documents within a corporation)
  • Investment banking (keeping M&A deals moving)
  • Litigation (sharing privileged files among a legal firm’s clients and other third-parties)
  • Mining & energy (sharing documents for M&A, joint ventures, bid management, etc.)
  • Biotech/Parma (securing and sharing intellectual property with third parties)

What Makes It Different from Other Sharing Services?

Virtual, Data, Cloud
A couple of virtual data rooms make use of encryption protocols to secure essential files during a transaction. Pixabay

While generic sharing services can be somewhat comparable to a virtual data room, they lack in terms of property security. That is especially true when it involves a company’s highly confidential data.

Generic sharing services also make it quite a hassle and inefficient to manage large-scale documents. Meanwhile, VDRs are designed to share vast volumes of documents with other parties safely and securely. It allows any company to avoid delays, particularly during important transactions.

Also, the permission settings that generic sharing services have are often prone to error. In some cases, users can accidentally share sensitive data to the wrong people, thereby compromising that information’s confidentiality instead.

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With a virtual data room, however, you can benefit from specialized security and advanced control features alongside compliance with various security standards like HIPAA, GDPR, and SOC2.

Next Story

Oracle Ensures Keeping Sensitive Data within Boundaries of India

Not just big enterprises, Sutherland is confident the new Oracle Cloud will help small and medium businesses (SMBs) shun the legacy infrastructure and begin their Cloud journey

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Oracle office.

By Nishant Arora

There is definite hunger and desire among the Indian enterprises to move their workloads to the Cloud and with Oracle Gen 2 data centre now open in Mumbai, we have ensured that sensitive data remains within the boundaries of the country, a top company executive has said.

The Indian CEOs and CTOs are clear on one thing: It’s from my data that I’m going to learn my customers’ behaviour, understand my product better, receive new insights and innovate on top of those.

“Every organization is a data organization today; it’s all about the information and how to analyse it, parse it and create AI-based Cloud models that help the organization grow. We have now fulfilled the most challenging demand coming from the Indian businesses: If the data doesn’t stay on-premise, let it stay within the country,” Andrew Sutherland, SVP-Technology, Oracle EMEA and JAPAC, told IANS.

For Sutherland, it is big leap for Oracle at a time when not only companies but the governments too recognize the value of information and how data is core to the success of any firm across verticals.

“We’re becoming increasingly conscious that there are strong data jurisdictions and we need to respond to that in a sensible way. By putting Gen 2 Cloud data centre here in India, we hope that we will meet those requirements,” the executive noted.

Over 100 enterprise customers in the country have already moved their workloads onto the Gen 2 Cloud data center in Mumbai, which is being run solely by Oracle without any third-party involvement.

The Cloud major has plans to open another Gen 2 Cloud data centre in Hyderabad next year.

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Witnessing double-digit growth in India for past 3 years: Oracle. IANS

Customers and partners in India can now harness the power of Oracle Cloud and leading services like Autonomous Database to unlock innovation and drive business growth.

The Gen 2 enterprise cloud supports all legacy workloads while delivering modern cloud development tools, so enterprises in India can bring forward their past as they build their future.

According to Sutherland, to help enterprises achieve greater insights and deliver better customer experiences, we need to have a whole new Cloud architecture that is built around cost, scalability, agility and self-repairing capabilities.

“In the new Oracle Cloud infrastructure (OCI), the multi-layered security provides a different security architecture with incorporating intelligence into it. We’re asking data to look after itself with autonomous database in this infrastructure. That’s what we are confident it will help unlock the modern Cloud era for enterprises,” he elaborated.

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Not just big enterprises, Sutherland is confident the new Oracle Cloud will help small and medium businesses (SMBs) shun the legacy infrastructure and begin their Cloud journey.

“There’s hunger and desire to move onto the Cloud among SMBs in India. I don’t think there’s any cultural resistance in any way. There is boldness in their approach. The next step is where to take the first bite to eat and for that, we are here to help,” said the Oracle executive. (IANS)