While free file sharing tools like Google Drive and Dropbox may be useful to share files with small groups, they don't provide the same level of security as dedicated data rooms provide. They do not have the permissions settings and auditing capabilities, watermarking, and other options that you require when sharing sensitive business documents. This is a serious issue, particularly in M&A transactions where a single leak could be detrimental to the deal and the image of your business.
If you're looking for a way to secure your private information it is essential to select a reliable virtual data room (VDR). Firmex is a trusted platform that offers solutions for the investment banking, government biotech, energy, and legal industries. Firmex uses multi-layered encryption to transfer and store information, and has multiple servers located in different locations to ensure disaster recovery. It also provides document control and DRM such as dynamic watermarks, lock-down of files and expiration dates to protect against data breaches.
Another good VDR is Box Cloud Storage, a cloud-based solution that is able to support bidding, M&A, and contract negotiations. It offers bank-level encryption both during transit and while the data is at rest. You can also customize the data room to match your own logo. It also offers high-quality previews for 30+ kinds of files, as well as a an extensive activity tracking. It also provides a range of integrations that make it simple to share content.