Protect Your Business from Cyber Security Risks with Virtual Data Room Solutions

Companies often neglect cybersecurity issues and suffer multi-million dollar losses as a result. This article will explain how to protect a business from cyber security risks and organize transparent collaboration between contractors with the help of a virtual data room.

Cyber security risks in modern business

Every day, groups of experienced cybercriminals seize control of other people’s computers and gadgets, launching destructive programs against various sites. In a matter of seconds, ATMs, telephone lines, entire companies, and even presidential websites of states cease to function. Therefore, in developed countries, more attention is paid to cybersecurity and information resource management.

The “surface” of external attacks is growing rapidly due to three common factors: the number of IT connections with third parties – partners, suppliers, and service organizations – is growing. The variety of technical devices is also increasing, and the use of public cloud infrastructure is growing in popularity. Two-thirds of organizations admit that they have experienced at least one cyberattack that started with an unknown, unmanaged, or poorly managed Internet-accessible resource.

IT infrastructure vulnerability management programs are a constant challenge for security professionals, including the need to respond to many open vulnerabilities, a weak level of automation in identifying vulnerabilities, prioritizing and mitigating their consequences, and using various vulnerability management tools. Despite years of trying, many organizations still don’t understand how to set up a vulnerability management process. Therefore, modern companies found a new way to organize their business operations securely and avoid cyber security risks. It is a virtual data room software for transparent file-sharing and reliable online collaboration. Documents can be uploaded and retrieved securely from a central platform that you can access anytime from any device. It is a complex concept that will ensure the main condition for security – absolute visibility of all security events within the corporate network.

Data room security: new technologies and virtualization environment

The virtual dataroom services explained their necessity in organizing business transactions by ensuring the following security measures:

  • alignment within the program of separate routes for documents, the level of confidentiality of which has been increased;
  • use of electronic digital signature;
  • a system of organizational measures that rank user access to documents;
  • use of two-factor authentication;
  • document encryption. With a large flow of documents, encryption can significantly slow down the system’s performance, and experts advise using hardware-stream encoders, which reduce the load on the system architecture.

Encryption with an electronic signature allows you to protect the most significant documents, leaving the question of which ones should be encrypted so as not to create an excessive burden on the business. In addition, using a data room helps speed up the work with documents – their formation, storage, search, transmission, and reception. Electronic data management is easier to scale than paper – when expanding the business and opening branches, it will be enough to make additional settings in the system and instruct employees. The cost of maintaining the platform is often lower than the organization of a paper document flow – you only need to pay for access to the system and the issuance of an electronic signature.

Many operators have a database of ready-made samples and forms of various documents, which simplifies their preparation. Such templates are initially compiled considering the requirements, which will help avoid claims from the counterparty and inspection authorities. The number of forms and samples available may depend on the connected tariff.