money transfers

How Financial Firms Protect Content with Virtual Data Rooms?

The use of virtual data rooms, or VDRs, is gaining momentum. Initially used primarily in the financial sector, they are now preferred by companies in the biotech, legal and public sector, consulting, and many others.

How to Protect Sensitive Information from Leaks Using VDR?

Data leaks are a problem that more and more companies around the world face from year to year. Cases when employees steal information cost companies not only reputation, but also money, given that among the “leaks” may include not only personal data of customers but also information about planned mergers and acquisitions.

The business must pay great attention to dealing with sensitive data. Of course, in an ideal world, the most reliable way of protection would be the work of employees with documents in a closed room under the supervision of an observer, but in the real world this is impossible because it is expensive, time consuming, and inconvenient. Therefore, in the era of the virtual data rooms, developers went further and created an analog of such a room, but already in a virtual space. Demand is confirmed by statistics – according to a study published by Markets & Markets, the market for providers of virtual data rooms will reach $ 1.8 billion by 2022 with an average annual growth rate of 14.8%.

Virtual Secure Data Rooms for Financial Firms Project Content

For storing documents, all kinds of file storage are usually used: a personal computer or various systems like Google Drive. As long as the documents are closed from prying eyes, they are sufficiently protected. But how to protect them if you need to give them access to a limited number of unfamiliar people? For example, confidential documents for various transactions, some kind of financial reports, or documents related to tax or audit checks.

It is recommended to use the virtual secure data rooms for financial firms project content:

  • Fast, convenient access to information for a limited circle of persons of the partner company.
  • Security of documentation disclosed to the partner company.
  • Timely destruction of information in the system upon reaching the goals of the activity.
  • Building an automated process for agreeing, granting, and revoking access to the storage and file exchange system.
  • Secret Cloud Enterprise allows you to implement a virtual data room.
  • Control and coordination of temporary access of a group of persons of a partner company to a virtual data room based on customizable workflows.
  • Protected access to information for a group of persons of a partner company on a temporary basis using encryption/archiving mechanisms.
  • Configurable data room lifetime and complete destruction of stored documents based on the generated policy.

Financial firms protect content with the virtual data room as it processes personal data in order to provide legal services to clients when concluding an agreement on the provision of legal services, to create and maintain relationships with existing and potential clients and other interested parties, to communicate with such parties and the usual business activities. This includes keeping such entities informed of the latest legal and regulatory developments and notifying them of the firm’s seminars and events. Such processing is carried out in order to achieve business objectives and is necessary for the framework of the company’s legitimate business interests. Data processing may also be carried out to comply with our legal obligations, keep obligations, in order to check financial and credit risks and to prevent fraud.