Every single business throughout the globe worries about data security. With cybercrime constantly rising, small and large companies are investing in a data room to help protect their sensitive files and folders.
When cybercriminals gain access to the various files stored on different machines within a business, they often take these documents to generate a large sum of money. When businesses lose these files, it can cost them millions of dollars. Sometimes they are forced to pay a ransom to these hackers.
It is in each business’s best interest to ensure their data is safe from hackers, especially during these unprecedented times. Prior to the pandemic, cybercrime started to increase, but since the outbreak of Covid-19, it has hit new heights. In America alone, it is believed that a cyber attack happens every 39 seconds. It is not surprising that so many companies have been investing in data rooms to help them secure their data.
What is a Virtual Data Room?
If you have never heard of a data room in the past, that’s because not everybody calls it a data room. Some call it an electronic data room, a VDR (Virtual Data Room), or an online data room. At the end of the day, they all do the exact same thing. It is a cloud-based space people can store and share all of their sensitive files and folders. Some people use it as a permanent space for a document repository. This is great for businesses when they are doing things like due diligence and contract negotiations. A virtual data room is fantastic for safely sending data to third parties.
Almost every major business on the planet is using these secure rooms to store and share data. It is not surprising that experts are predicting that the market will be worth around $3 billion by 2025. Lots of companies are looking to reduce the amount of paperwork they produce by replacing it with secure digital files. A VDR is ideal for companies looking to do this. Some use the service to streamline M&A, strategic partnerships, and IPOs. Accountancy firms often use VDRs as a way to securely pipeline information to their clients and partners. It allows them to simplify financing for others.
The best data rooms throughout Canada use the best and latest technology out there to ensure that their service is secure. Providers like Firmex are one of many reputable data room providers that are used by businesses throughout the North American country.
Is Cybercrime a Big Concern for Canadian Businesses?
A recent study that was carried out in Canada showed that the majority of people are worried about the threat of cybercriminal activity. There has been a major increase in the number of Canadians investing in a VPN service for both their smart devices and computers to help boost their security settings since the pandemic began.
Because there are lots of businesses all over the big country generating a lot of money, it is not surprising that so many hackers around the globe are targeting Canadian companies. They aim to exploit the company’s servers and computers to host malicious web pages. Their hope is to steal private information from their customers and use these confidential details to their advantage. When these criminals are in control of the company’s network, they can infect the machines on the servers with malware to gather personal information, send spam emails to each email address, and spread nasty viruses.
Authorities find it extremely difficult to catch these cybercriminals. They have often based thousands of miles away in different countries, so finding the culprits is almost like looking for a needle in a haystack. Although companies will have to pay these large data providers an ongoing fee for their service, it is a tiny amount of money in comparison to becoming a victim of a cybercrime.
If you are looking to employ one of Canada’s largest data room providers to secure your business’s confidential data, there are a few things you should keep an eye out for such as:
- Does the provider have its own security layer?
- Does it give you a digital signing service?
- Does the VDR allow every party to preview each document without having to have the software installed?
- Will the VDR be hosted on your own cloud?
Because so many businesses use VDRs in today’s world, it might be worth your while asking other businesses what service they use. Getting honest feedback back from people who use a VDR on a regular basis should be able to give you key information about the positives and negatives of the service they are using. Some VDR providers will allow potential clients to use a trial version of their service. If they don’t advertise a trial version on their official website, consider contacting their sales representatives directly.