Virtual data rooms can be a literal lifesaver for business that have to deal with a large amount of data and want to free up physical space in their record rooms. Another reason why virtual data rooms are so popular these days is because of their convenience and security. However, many business owners end up making crucial mistakes when setting up their data rooms, which could easily compromise their clients’ information. In this article, we’re going to discuss some of these mistakes so you won’t have to commit them yourself.
Not Planning
One of the primary mistakes people make when setting up their data rooms is not having a clear plan in place. You should have a clear idea of the index structure you’re going to use, ways to manage questions with Q&A queries, removing and adding user permissions, etc. If you overlook these issues, you might end up having to scramble for solutions when problems arise.
Going with the Wrong Provider
This is another classic mistake people make when establishing their virtual data room. A good virtual data room provider should be reputable, secure, and have a wide variety of tools at their disposal to help you. They should also have stellar customer service available 24/7 since you may have timely needs in case anything happens. The last thing you want is to not be able to talk to a human if some major data breach occurs or you can’t access records.
Not Understanding the Costs Associated with their Virtual Data Rooms
Another issue people have with virtual data rooms is pricing. The costs associated with data rooms will vary depending on the level of service you obtain and the number of options. In some cases, paying a cost per page fee would be better than paying for megabytes. For instance, if most of your data is text, paying per megabyte might be a better option for you. But if you have tons of high-resolution images, paying per page might be the superior choice.
Not Being Clear about Permissions
Having a clear permissions system in place will reduce the chances of a data breach. A wide portion of data breaches happen in-house and occur because either the information was too widely available or because of simple negligence. User permissions will ultimately decide who can copy, view, download, or print information; all crucial aspects that should not be taken lightly.
Conclusion
As you can see, it can be easy to commit crucial mistakes that could not only jeopardize your clients’ information but the reputation of your company as well. This is why it is important to not commit any of the mistakes above. If you’re going to choose a provider, make sure that they are reliable, reputable, and take security seriously. Also, make sure that you plan carefully before you set up your data room to avoid any blunders. And last but not least, make sure that you have a clear permissions plan in place to limit the chance of critical information falling into the wrong hands.
