Although free file-sharing services such as Google Drive and Dropbox may be great for sharing files with small groups, they don’t provide the same level of security that dedicated data rooms provide. They do not have the permissions settings or auditing capabilities, as well as watermarking and other features that you require when sharing sensitive business documents. This is a huge issue particularly during M&A processes, when even a small leak could be costly for the deal and your company’s reputation.

If you’re looking to secure your private data, you need to choose a trusted virtual data room (VDR). Firmex is a trusted platform which provides solutions to the government, investment banking biotech, energy and legal industries. Firmex employs multi-layered encryption when transfer and storing data and has multiple server locations for disaster recovery. It also offers document control and DRM, including dynamic watermarks and lockdown files. Document expiration is also available to guard against data breaches.

Another good VDR is Box, a cloud storage solution that can be used for bidding, M&A, and contract negotiations. It is encrypted at bank level during transit and in rest, and allows you to customize the data room experience using your own branding. It also offers high-quality previews of more than 30 types of files as well as an extensive activity tracking. It also has a variety of options that make it easy to share content.