Conviction, divorces, multimillion-dollar damages, hiding children in bathtubs because of an upcoming ballistic missile. These are not episodes from Hollywood movies but real stories highlighting the importance of choosing reliable software for business leaders and governors.When dealing with sensitive transactions like mergers and acquisitions, it's crucial to consider a virtual data room solution that offers the highest level of security and reliability. More details: https://dataroomreviews.org/data-rooms-for-ma/
In this post, we will explore the significance of selecting trustworthy virtual data room solutions from professional providers to ensure your daily workflows and complex deals are secure and smooth. But first, let's check a few real-world examples to see why it matters!
Top tech failures: Wrongly imprisoned employees, $500 in financial losses, and broken hearts
The following are real-life incidents illustrating how poor software functionality and bugs can severely affect people.
- Horizon's bugs with 736 employees convicted
The UK Post Office's software, Horizon, had bugs that caused it to report missing money from accounts under employee control. It led to the wrongful conviction of 736 post office operators (including one pregnant woman), job losses, and even suicide.
Source: Post Office scandal: ‘I wept for a few hours’ says Tory MP | Inside Croydon
- Miscalculated flight loads
In 2020, three flights had miscalculated thrust due to TUI check-in software treating "Miss" travelers as children. That led to a lower calculated weight and lower thrust during takeoff, which could have been disastrous. Luckily, the final thrust value was within safety limits, and everyone traveled safely.
- A $500 million failure
Citibank employees tried to send $7.8 million in interest payments using Oracle FLEXCUBE. Due to filling out the form incorrectly, nearly $900 million was sent. Transactions of this magnitude require approval from 3 people, who all believed the form was filled correctly. Citibank lost around $500 million as a result.
Note: Does a virtual data room price seem too high and stop you from integrating the software? Remember that investing even in the most expensive providers pales compared to the potential multi-million-dollar losses incurred due to human error in business transactions.
- Divorce unleashed by Uber's bug
A software bug in the iPhone version of the Uber app caused notifications to be sent to a French businessman's wife despite him being logged out of the app. Thus, she discovered that he was cheating on her. As a result, the couple got divorced. The Frenchman sued Uber for $45 million.
- Missile false alarm
In 2018, Hawaiian emergency alerting systems mistakenly issued alerts about incoming ballistic missiles. It caused widespread panic, and the whole mobile network got overloaded. It took 38 minutes to signal there was no danger and call off the alarm.
Source: False Alarm: Hawaii Missile Alert Retracted by Civil Defense > Hawaii Free Press
Now that you've heard the scary stories and realized that technologies can be life-changing in many aspects, let's move on to help you choose a secure solution.
What are the benefits of outsourcing a virtual data room from a professional provider?
... or why you should hire a professional chef instead of your neighbor who burns toast
You may need data rooms for due diligence, fundraising, or strategic partnerships. Anyway, you need a professional solution. Selecting the wrong one may lead to compromised data security, regulatory fines, inadequate support, and operational disruptions. Reliable virtual data room providers, in turn, bring multiple benefits to your team's table. So how to select a data room?
- Robust security
Security is a top priority for advanced vendors. The best ones offer a range of features that ensure document confidentiality and integrity, including the following:
- Watermarking. You can add a visible or invisible marker to digital content to signify ownership or provide additional information while preserving the original content's integrity.
- Built-in redaction. This dataroom feature permanently removes or obscures sensitive information from documents before you share or publish them.
- Fence view. Authorized users of a due diligence data room can only access a specific section of the document, while the rest is covered with a sliding barred screen, which protects the content from unauthorized viewers.
- Remote shred. Virtual data rooms allow the secure deletion of files from remote devices to maintain data control in case of device theft or loss.
- Granular document permissions. You can assign specific access rights and restrictions to individual documents or files and control who can view, edit, or share each piece of content.
- IP and time access restriction. These security measures limit access to digital content based on the user's IP address or the time, enhancing data protection and preventing unauthorized access to sensitive information.
- Expert client support
In addition to security, professional data room providers are known for their expert customer service, which is available through multiple channels, including live chat, phone, and email. Moreover, some data rooms provide training videos and have dedicated project managers to ensure a smooth boarding and efficient user experience.
- Round-clock support and access
Being cloud-based software products, data room platforms can be accessed anytime, anywhere, making it easy for users to work on their documents and collaborate whenever they want. Additionally, many modern solutions offer responsive mobile apps that allow users to access their documents from their smartphones or tablets.
- Easy multi-party collaboration
The best VDR due diligence platforms offer a variety of tools for communication and collaboration, including Q&A hubs, private and group chats, comments, document annotations, task assignments, and progress tracking. Moreover, some vendors have third-party integrations that enable using your favorite tools without leaving the data room space.
- Unparalleled cost-efficiency
When you pay for a reliable virtual data room, you get high document security, multiple collaboration and communication features, expert support, and an excellent user experience. Therefore, the solution pricing is justified by the quality of its services.
Final thoughts
Choosing a reliable virtual data room solution from a professional and trustworthy provider is an essential investment in the safety and success of your business operations. Therefore, we recommend carefully considering your options and selecting the best virtual data room to protect your team and clients from potential threats coming from unreliable platforms.
