A seismic shift is underway in how we are all working. According to UK Government statistics: in April 2020 46.6% of people in employment were working from home. 86% of those did so because of the coronavirus (COVID-19) pandemic.
Inevitably, the concern around security and data protection has also shifted. Here are a few benefits and amazing ways that Virtual Data Rooms (VDR) can accommodate to the new working world.
What is a Virtual Data Room?
A VDR is an online, highly-secure environment where businesses can store and share their confidential information. They are mainly required during the due diligence exercises relating to Debt, M&A or Equity transactions.
Before the VDR was created, executives travelled the world to conduct these due diligence exercises in person. They’d sign a non-disclosure agreement (NDA) and be let into a physical room where sensitive information was stored.
What could the VDR model do for WFH professionals?
You can see how we’re lucky that VDRs had been moved online before this epidemic. Business is more secure, and more streamlined. Here are examples of how a VDR model could be adapted to facilitate WFH offices:
- Share and collaborate securely
Your confidential information can be shared internally and externally of your organisation without any risk of your IT administration having access rights over it. Files are sorted the way you want, bookmarked, and easily recalled. - Customer Service
Studies have shown that employees that are working from home, work flexibly: they might take a break in the afternoon and continue their projects in the evening. VDRs are high-pressure environments, so their customer service teams are available 24/7/365. At Sterling, you can speak to someone in our London-based office any time. They’re also able to undertake the all of the lengthy admin tasks for our clients. - Security
A VDR has advanced data protection features that block external influences from accessing your information. Cyber secure and business secure, they are trusted by the world’s largest organisations.
Internal security is bespoke, it gives the owner full control over who can view or alter information inside the data room, this comes in the form of special permissions that are granted to different teams and individuals in the organisation.
VDRs have an arsenal of useful tools and features. Those mentioned could become hot topics in the future, especially when it comes to home-working. You can find out more about the amazing features of virtual data rooms that we could be seeing in the workplace (your house?) in the future by visiting the Sterling blog.
