While free file sharing tools such as Google Drive and Dropbox may be great to share files with small groups, they don’t offer the security level that dedicated data rooms do. They lack the features you require to transfer sensitive documents for business, like auditing, watermarking and permission settings. This is a major issue particularly during M&A processes where a single leak can be very costly for the deal and for your company’s reputation.

You need to use a virtual data room to safeguard your private information. Firmex offers solutions for investment banking, biotech, government, energy and legal sectors and is among the most trusted platforms in its field. Firmex uses multi-layered encryption when it transfers and stores data, and has multiple server locations for disaster recovery. It also provides document control check this and DRM, such as dynamic watermarks, lock-down files, and document expiration to avoid data breaches.

Another good VDR is Box, a cloud storage solution that is able to support bidding, M&A, and contract negotiations. It has bank-level encryption during transit and in rest, and allows users to personalize the data room experience with your own brand. It also provides high-quality previews of more than 30 file types and robust activity tracking. It also comes with a vast variety of integrations to make it easier to share content with colleagues.