One of the most valuable assets to a business is its confidential information. Whether it’s their own data or information that could give them an edge against the competition, it’s essential that the proper security measures are put in place to protect it. In this article, we will look at the basics of storing sensitive data and how you can share it with the right people.
When it comes to storing this type of information, a business will have to consider what accessible form it will take and what level of disclosure it will have to others. This can be done in a variety of ways: filing cabinets and hard drives are tried and tested methods, but online storage that uses secure networks has become increasingly popular.
In the past, confidential information that needed to be disclosed with clients had to have specific obligations imposed upon it. This was commonly laid out in letters and agreements that were sent out as documents, faxes and emails. Physical ‘data rooms’ would be used as meeting places where businessmen could share confidential information about mergers and acquisitions (M&A). The buyers and sellers would meet at a location to present the data and begin negotiations.
This form of data sharing has been almost completely replaced with the advent of virtual data rooms (VDRs). This technology works in much the same way as the physical space, except that all the confidential information is stored securely online. Instead of interested bidders having to visit a room in person, they can get access to the information simultaneously online.
While it may seem like a risky proposition at first, much of the same security obligations can be enforced online. The seller can set specific time limits for viewing the data and put controls in place that deny the ability to print, copy or forward the files. The business will usually use an independent company to gain access to this technology. Imprima provides virtual data room services that allow organizations of any size to carry out transactions across the world.
VDRs have incredibly strict controls placed upon them to keep them secure. They will usually use bank-level encryption; this is fully certified to ISO/IEC 27001:2005, which is the globally recognized standard for information security management.