(Newswire.net — March 24, 2023) — Information security and accessibility are two main advantages of using deal rooms (DRs) during business transactions. When dealing with confidential data, there is always a risk of breaches in security. This is especially true of high-stakes business dealings like corporate acquisitions. Below are tips on how to manage secure information while using a DR for your corporate acquisition:
Strong Passwords
Passwords are the first line of defense in most security strategies. Unique, complex passwords can protect your data from unauthorized access. Strong passwords should include a combination of upper and lowercase letters, numbers, and symbols to make them more difficult to guess. All employees should be trained on the importance of strong passwords and how to create them.
Two-factor Authentication
Two-factor authentication protects against unauthorized access to DRs. Two-factor authentication requires users to input a code they receive via text message or a reliable authentication app. With two-factor authentication enabled, accounts have an extra layer of security, and attempts at infiltration can be more easily observed and dealt with.
Data Encryption
Encryption is another helpful tool when protecting corporate acquisition information using a DR. Encrypting sensitive data makes it unreadable to anyone who doesn’t have the proper key or password. Encrypting data using a DR can also be beneficial if there happens to be a data breach. Even if data is accessed, any encrypted information cannot be used by malicious actors. Especially sensitive information, such as financial records and contracts related to the acquisition, should not be stored on an unencrypted hard drive or in an email account. Storing this data in a deal room with strong encryption provides additional security.
Access Control Policies
Access control policies put boundaries on the type of access users have to information within a DR. One policy option is known as a “least privilege policy.” This requires users to have only the access they need to do their job rather than granting unfettered access to data. These settings can limit the damage that could be done if someone were to gain unauthorized access through a specific user account.
Digital Rights Management Tools
Along with access control policies, digital rights management tools restrict the access users have to sensitive documents. These settings may even allow you to set different levels of access for each user to enforce access control policies. Using digital rights management tools within a DR can help you track user activity and revoke unauthorized access.
Secure Cloud Storage
Cloud-based DR solutions provide a secure way to store sensitive information and make sure it is only accessible to authorized users. When searching for a DR provider, information about their security measures for cloud storage should be easy to find. These protection measures may include data encryption at rest and in transit, two-factor authentication, and regular backups.
Audit Trails
Audit trails provide an invaluable source of evidence when investigating unauthorized access attempts, or misuse of information stored in a DR. Many DR providers give detailed accounts of activities that occur within the deal room. These activities may include logs for user logins, document creation, editing and deletion, and file transfers.
Biometric Security Measures
Biometric security measures are an increasingly popular means of protecting sensitive data and documents stored in DRs. By utilizing technologies such as fingerprint scanners and voice recognition, data access can be further restricted to only authorized users. These measures protect data by creating more secure steps for users logging into the system.
Train Users on Data Security
Software and technology can greatly assist you in protecting sensitive data, but educating users on good security practices can also be beneficial. This helps them understand the importance of secure data management and gives them an understanding of best practices.
Protect Against Malware
Keep information safe from malicious software by implementing preventive measures such as anti-virus and firewall software. In addition, educate users to avoid clicking suspicious links or downloading content that isn’t from a trusted source. This can help protect against attacks as well.
Secure Your Information Today Using a Deal Room
Managing secure information using a deal room during a corporate acquisition can provide added security and an easy-to-use platform for all parties involved. Proactive security practices like two-factor authentication, strong password creation, and file encryption can also keep your sensitive information safe.