Generic Cloud Storage options like Dropbox and Google Drive allow users to store personal files, documents, videos, music, photos and much more in a single virtual space. These programs are designed to sync with a user’s phone, computer or any other electronic device that can access the internet, and automatically update at set times to reflect any and all changes made. Such programs typically have the full-sharing functionalities like media streaming, user messaging and collaboration, folder sync, and free storage.
The sad thing though is that these programs offer very little security for sensitive data and documents as they are designed for personal use and not for business.
Advanced functionality, customer service, security and complex reporting are all essential features generic file sharing service providers do not offer. If you are looking for an option that offers more security, then virtual data rooms are what you need to consider getting. This option was developed to ensure that important information is kept safe while making selective access features available to administrators, giving them total control over important and confidential documents.
Generic File Sharing (GFS) Programs Concerns
– Employees who use generic file sharing programs to store sensitive information are likely to compromise data integrity and security
– Generic file sharing systems aren’t designed to handle sensitive document sharing processes like due diligence
– GFS programs are limited when it comes to tracking changes and reporting functionality
– GFS programs are not able to determine who removed or deleted files/folders, and there is no process for recovering deleted items
– The infrastructure of generic file sharing programs is limited
– Data and information security may be compromised if the host views documents for advertising purposes
– Generic file sharing hosting companies could have, to some extent, some licensing rights and control over uploaded materials
– Personal information may be shared or sold by third parties
The security concerns associated with generic file sharing programs such as those mentioned above can be resolved by using specialized document sharing services like virtual data rooms. This option is specifically made for different projects that require very high levels of security like legal transactions, mergers and acquisition, clinical trials, due diligence, business capital raises and amongst others. Here are some of the best GFS for 2016.
Virtual Data Rooms:
– Make it possible for businesses to perform due diligence the right way
– Make it easier for users to comply with regulatory authorities’ requirements and governance
– Support advanced reporting and multiple users
– Improve support for litigation and make it possible for users to handle Bates numbering
– Allow for watermarking and data encryption
– Are secure – no uploaded information can be shared or sold
– Provide assurance that all information uploaded is never shared or sold
– Restrict the number of people who can copy, save and view documents
– Create archives of all data uploaded
Unlike generic file sharing services, virtual data rooms provide an effective and easy to manage document permissions, security, and user access during, or even after a project has been completed. Virtual data rooms send users real-time notifications about any activity taking place within the data room to ensure that they stay informed as new information and data is made available. Here are some of the best VDR providers for 2016.
GFS services are great for individual use or for instances when data security is not a major issue. However, when sharing confidential financial, corporate or legal information, then a virtual data room is what you need to work with as it offers the necessary levels of communication, reporting and security needed for any business to keep its information safe.
