4 Ways Document Management Boosts Efficiency

If you deal with a large number of documents on a daily basis, it’s important to understand the document management options available to you. These tools can boost efficiency and allow your firm to operate with a mitigated security risk.

Advanced Search

Enhanced search options allow you to view and organize documents by keyword, upload data, metadata, and other criteria. Searching for these documents can yield results in a matter of seconds. If you have a meeting lined up with a serious prospect, one search will provide all relevant information in a clean format. Proper document management ensures that your files are easy to locate, retrieve, and receive.

Ease of Access

One of the major pain points in using traditional document storage is the restrictions on how you can access your files. If all your files are stored on a single hard drive, you’re also exposing yourself to an increased risk that your data might get damaged or lost. By using a cloud-hosted document management service, you can access your important documents anytime, anywhere.

Document Management Security

Document management services also host a range of relevant security options. Dynamic watermarking, audit logging, and print and download restrictions that serve as safety measures against any external threat that might appear. These tools also eliminate the potential for an internal threat: if a rogue user tries to download a document, or has been viewing it for a suspicious period of time, you will have the evidence to take action.

File Sharing

A cloud-based document management service also allows for freedom to collaborate. Users can share documents back and forth from any location. With detailed security options, administrators can set the rules and determine various access rights. And with the audit trail functionality, they get to know who has viewed or edited particular documents. This often proves to be a critical resource when maintaining liability in the transaction process.

For over a decade, Vault Rooms has been the SAFE, EASY-TO-USE and AFFORDABLE virtual data room provider of choice for investment bankers, accountants, private equity firms, M&A advisors, and many more!

We provide bank-level security with simplicity of use that allows you to take the hassle out of document management.

To learn more about our virtual data rooms, get started here: www.vaultrooms.com.

How to Avoid Information Leaks

As popular news suggests, information leaks could easily lead to the compromise of extremely valuable data that was not meant to be viewed publicly.

Preventing this is a matter of paramount importance for any firm, regardless of its shape and size. It’s always important to be extra cautious when you’re exchanging business-critical documents and other files containing sensitive information with multiples parties.

One of the biggest user oversights in cybersecurity is the trust people place in large-scale email service providers to stay secure at all times. While many people rightfully trust email providers to deliver their emails at fast speeds, the same reliability cannot be spoken for as it relates to email security.

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An Alternative to Email

For firms that need to circulate highly-sensitive information between multiple parties, virtual data rooms are a wise solution. The multitude of highly-customizable security settings and document management features that these virtual ‘fortresses’ provide make them much more immune to cyber threats.


Mitigating the Risk of Information Leaks

Every company has confidential information being transmitted and shared in one form or another. This information ranges from financial, HR and payroll records, customer lists, price lists, to transaction documents and highly-sensitive intellectual property.

Virtual data rooms can prevent the interception of these valuable documents, as well as restrict end-users from sharing the information with others. For firms that value a secure and collaborative environment, Virtual Data Rooms (or VDRs) are crucial in optimizing efficiency and mitigating risk.

Data rooms alleviate the email security risks of transferring sensitive information, keeping it out of the hands of unwanted recipients.  Data rooms are being used as a replacement to risky email transmissions in many fields and industries, including M&A, real estate, wealth management, board communications, and venture capital transactions.

Looking for a virtual data room to keep your business-critical files safe? We at Vault Rooms are here to help you find a solution that perfectly fits your needs.

Virtual Data Rooms & Their Key Role In Digital Leadership

In a brilliant article titled ‘10 skills for digital leadership’, Daniel Hood, the editor-in-chief of Accounting Today, emphasized that “Leadership is the common denominator of the [accounting] firms that have great technology and [is] the single most important differentiator between the leading firms and the rest of the pack.” Effective leadership skills have always played an essential role in the success of some of the top accounting firms. The philosophy of successful leadership, when boiled down to its very essence, is about making decisions that position a firm for success; and one decision which often plays a crucial role in the success of tops firms is the choice of a trusted virtual data room provider.

Choosing the right Virtual Data Room (VDR) enables you to boost the productivity of your firm, increase the speed and quality of your communications, improve the client experience, while also ensuring the overall safety of your business-critical documents. In short, VDRs play a significant role in the success of some of the top accounting firms because they firmly reinforce at least 5 of the 10 key digital leadership skills: Communication, Simplification, Innovation, Technical Leadership, and Vision. All of these are mentioned by Daniel Hood in his article.

So let’s take a closer look at how virtual data rooms help accounting firms in establishing their digital leadership.

Ensuring Effective Communication: Request List Management

As Daniel Hood emphasized in his article, maintaining efficient communication channels is one of the biggest challenges faced by all firms. IT leaders have come to the natural conclusion that email is NOT the solution. The reason for this? Huge amounts of lost time in unproductive email conversations. A statistic from Gartner recently declared that professionals spend as much as 50% of their time searching for and gathering documents. What’s even more disturbing is the fact that a major part of this time loss consists of repetitive conversations involving the circulation and location of important documents. So, is there a solution to this problem? The simple answer is YES, Request List Management.

Request List Management (RLM) is a set of features provided by Vault Rooms along with virtual data rooms which allow a firm to significantly improve the quality and the efficacy of a firm’s communication with its clients. The following is a list of the key benefits provided by RLM:

  • Improves document collection efficiency
  • Reduces a lot of the back and forth
  • Centralizes communication
  • Helps get rid of ALL email related issues (ex: documents getting lost in spam folders, document sizes being too big, repetitive emails for the same thing, having a weak email password which exposes the firm to additional threats…)

Simplifying Communication

Another important and often overlooked aspect of digital leadership involves getting rid of systems and processes that do not support the final outcome – the success of the firm. The task of automating and replacing processes that add little or no value is quite similar to how the dead wood is burnt in a forest fire – it’s a great way of clearing out the clutter and restoring the productivity of your firm. This is another huge benefit that Request List Management (RLM) brings to the table – it centralizes and simplifies communication by automating the collection of documents and helps to clean out the clutter of inefficient communication processes.  

Embracing Disruption & Innovation

Companies are often at their strongest when their IT leaders have the liberty to take advantage of the latest technologies that disrupt traditional systems and processes. To an IT leader, choosing a virtual data room is all about moving away from the traditional ways of communication and document management towards an innovative platform that disrupts and streamlines the collection, organization, sharing and tracking of business-critical documents.

Technical Leadership

As Daniel Hood mentioned in his article, leaders in an organization do not “always have to know how to build the watch,” but with a Vault Room, that’s not a problem. When it comes to VDRs, the ease-of-use along with the access to technical skills means that leaders do not need advanced technical knowledge to effectively manage and monitor their business-critical documents. Time wasted in catching up and learning new technologies is eliminated. In essence, choosing the right virtual data room is about allowing leaders to do what they do best – lead.

Vision

Finally, as Daniel Hood said, “it is difficult, if not impossible, to succeed with a defined vision, strategic plan, and an IT strategy to support the vision and plan.” Successful accounting firms are choosing to use virtual data rooms as part of their long-term IT Strategy. Not only do VDRs allow these top firms to eliminate document and collection inefficiencies while also securing their business-critical documents, but they also serve as an important foundational component to support their vision and their success.

Choose Vault Rooms

For over a decade, Vault Rooms has been the SAFE, EASY-TO-USE and AFFORDABLE virtual data room provider of choice for accountants, investment bankers, private equity firms, M&A advisors, and many more! We specialize in providing bank-level security with the simplicity of use that allows you to take the hassle out of document collection and management.

To learn more about our virtual data rooms, get started here: www.vaultrooms.com

Why You Need a Strong Password Policy

Newsflash! You are not as safe as you think.

Passwords can be cracked. It’s pretty much every month nowadays that we hear about a new large-scale data breach, the leaking of personal content, or the hacking of major company’s servers. What’s really surprising is that many of these infiltrations could have been entirely avoided by these ‘victims of attack’ if they had taken a few specific steps to generate unique and secure passwords.

According to a 2015 report by technology journalist Carly Okyle, 90% of employee passwords are crack-able within 6 hours. That’s right, 90%.

Why is this happening? Well, one of the biggest reasons is that 65% of people use the same password for all of their web accounts.

It might sound inconsequential at times, but such lack of foresight often comes with a hefty price. It typically costs $200,000 on average for a small business to fix issues post-breach. And this figure has gone up to an astounding $170M for a single company looking to recover from a large data breach.

Where Users Go Wrong

When you look at how many of the passwords are stored, it’s not too surprising to understand why these passwords are exposed. 47% of users surveyed by Okyle maintain a spreadsheet to store passwords. 32% rely on memory, 31% use another form of electronic storage, and 27% write their password on paper.

Taking into account the number of casualties caused by these simple lapses of judgement, don’t you think it’s important to understand what constitutes a strong password policy?

Creating a Strong Password

A strong password policy includes the following:

  • At least 8 characters
  • Should not contain personal information
  • Must be unique from previously used passwords
  • Should not contain any word spelled completely
  • One special character
  • One number
  • One upper case letter

While this policy will go a long way in ensuring that your password is secure, it’s important to note that nothing is ever impenetrable. Hackers use brute force tools that are trained to make acute password guesses based on common patterns and characters.

 

Leverage Multiple Security Factors

It’s important to combine the usefulness of a strong password with other security enhancements to maximize the confidentiality of your information. Other safety measures include the use of bio-metrics, two-factor authentication requiring a security question and answer or an authentication text or app code, and the ability to restrict excessive login attempts.

Security is a top priority for us at Vault Rooms and our focus is to provide our clients with state-of-the-art features that allow them to exercise complete control over their data room. With virtual data rooms being used in so many different and new ways, our clients’ security needs have also become more varied. We offer password management features within each account that allow an admin to establish password policies for optimal security protection. Whatever your security needs are, at Vault Rooms, we have a customized solution that perfectly fits your requirements.

To learn more about our virtual data rooms, get started here: www.vaultrooms.com.

Avoiding Information Leaks

As popular news suggests, information leaks can lead to the compromise of extremely valuable data that was not meant for public viewing. For a firm of any shape and size, it’s important to take precaution when exchanging documents and other files between users.

One of the biggest user oversights in cybersecurity is trusting in a large-scale email service provider to stay secure at all times. While many people rightfully trust Gmail to deliver their emails at fast speeds, the same reliability cannot be spoken for in the realm of security.

An Alternative to Gmail

For a firm that needs to deliver highly sensitive information, it might be wiser to utilize a virtual data room, where highly customizable security settings can be put into place.

For a firm that needs to deliver highly sensitive information, it might be wiser to utilize a virtual data room, where highly customizable security settings can be put into place. This can ensure that the recipient of your email is who they say they are, protecting against potential information leaks.

Mitigating Risk of Information Leaks

Every company has confidential information being transmitted and shared in one form or another. This information ranges from HR and payroll records, customer lists, price lists, client correspondence, transaction documents, and in-house intellectual property.

Virtual data rooms can prevent the interception of these valuable documents, as well as restrict end-users from sharing the information with others. For firms that value a collaborative environment, VDRs are crucial in optimizing efficiency and mitigating risk.

Data rooms alleviate the email security risks of transferring sensitive material, keeping it out of the hands of unwanted recipients.  Data rooms are being used as a replacement to risky email transmissions in many fields and industries, including M&A, real estate, wealth management, board communications, and venture capital transactions.

Read more about how V-Rooms can protect your sensitive information in a safe and secure collaboration space: http://www.v-rooms.com/

Why You Need an Email Alert System

If you took the time to check every application you use on an hourly basis, or even daily, for updates you’d quickly be overwhelmed. With the ever-growing abundance of accounts and profiles  on social media, spontaneous online shopping and business accounts, it’s important to consider whether the services you’re trusting are providing email alerts to notify you of account changes and updates.

Email Alert Systems Assist Awareness

Suppose your company has implemented a third-party software to optimize productivity in the workplace. Every employee receives an account, and this service is used to facilitate the day-to-day functions of the firm. While it might be easy to suppose that you’ll check the software continually for updates, it’s more plausible that it gets lost in the shuffle of every other responsibility you’re already juggling.

As a user, it’s valuable to have an email alert system because it saves minutes, or even hours, of work on your own time. You should be able to focus on what matters – the work at hand – rather than micro-managing application updates in an attempt to stay up to speed. If any news breaks out regarding your areas of responsibility, an email should be dispatched to notify you before there’s ever any reason to worry.

Customizing Your Alerts

Perhaps one of the best features of a standard email alert system is the ability to customize how often emails are sent, where they’re sent, and what instances should prompt an email being sent. If you only want to receive an email when a client has opened and printed a file, it’s easy and intuitive to do.

Any reliable 3rd party application should understand the notification needs of the average user. That includes staying informed without feeling overwhelmed or burdened by a constant barrage of information.

Vault Rooms has implemented a flexible and reliable email alert system to provide the best service available in the virtual data room market. If you’re looking for a solution to keep your business-critical files safe and accessible, we’re here to help.

To learn more about how our virtual data rooms can help you keep your business-critical document safe, get started here: www.vaultrooms.com

A Secure Alternative to Dropbox?

As firms increasingly begin to shift their data storage to the cloud, employees have greater access to sharing and potentially exploiting sensitive information.

While Dropbox is friendly and intuitive for sharing photos and other pieces of public information across the devices of friends and family, its system is not built for collecting, organizing, sharing and tracking critical documents where a focus on file security is paramount.

Unwarranted Access

Files that have been sent to both current and former employees immediately fall out of the control of the company and into the hands of individuals that may not have the focus or know how to keep the information secure. Each and every user with these files sitting on their device is a potential target for hackers looking to gain unwarranted access your sensitive information.

Firms also face the external threat of malicious intent, when fired or angered employees might abuse their pre-existing access to important files and documents. The major problem is the fact that once files are shared within Dropbox, there’s no way of knowing who might see those documents or where they might end up.

Sensitive Information Shared with Others

Sensitive information can be saved, uploaded, and shared with anyone, as was seen with the Dropbox password breach in 2012 and the Dropbox user login data sale in 2016, where users were flooded with spam to their personal email accounts after their information was shared and sold online.

Dropbox also has had alarming clauses in their terms of service and privacy policies that have disputed data ownership, data usage rights, privacy rights and Dropbox employee  access permission with respect to your Dropbox account.

So you’re probably asking, what’s the solution?

Virtual Data Rooms – Secure Platforms for Sharing Business – Critical Files

A virtual data room is an online proprietary software that is used for sharing and distributing documents with privacy and ease. Data rooms can and are being used in many fields and industries; including M&A, real estate, audit and tax, wealth management, loan processing, litigation and venture capital transactions.

Virtual data rooms are able to pick up where generic file sharing programs such as Dropbox leave off, offering security, complex reporting, advanced functionality, and customer service.

At Vault Rooms, we understand the tremendous risk involved in sharing and sending documents. That’s why we provide dynamic watermarks, the option to restrict file downloading and printing, full audit trails of document access and other security features to ensure that our clients’ files are safe under all circumstances.

This makes it easier for businesses to run due diligence correctly, conduct business transactions securely, comply with regulatory authority governance and requirements, and assure that uploaded information is never shared or sold.

Vault Rooms also offers a variety of hosting plans, providing bank-level security with simplicity of use.

Looking for a solution that allows you to share your business-critical files safely? We at Vault Rooms are committed to helping you find a solution that fits your needs perfectly. Click here to get started: www.vaultrooms.com

Network Security at the RNC

It seems like you just can’t turn on the news this week without hearing about the Republican National Convention occurring from July 18th to the 21st.

With such heavy traffic focused in on the event, it’s no wonder that extra-preventative cybersecurity measures are being taken to ensure that the event runs smoothly.

RNC and Security

Tonight, as Donald Trump is expected to formally accept the Republican nomination, it seems as if the entire world will be watching. This includes 10,000 devices connected to the physical RNC network, as well as millions streaming from devices elsewhere. As of now, there has been no suspected threat of any kind, although unusual traffic has been detected from Russia and Asia.

Vince Cristler is the CEO of security contractor Dark Cubed, which utilizes a network-sharing technology to allow companies to communicate potential security threats back and forth. For him, this means sitting in front of a monitor and watching the network data tick by.

So what exactly are these threats that are being watched for?

Well, there’s malware, which is particularly dangerous for individual devices. However, a higher threat is posed from malicious code that could scan the network for potential infiltration points.

RNC Security Command Center

Several blocks away from the RNC arena lies the command center, where experts are constantly moving back and forth to monitor the situation.

Security analysts are making the most of the ability to detect each and every device’s bandwidth activity. If something were to be noted as suspicious, they would be able to relocate it to a more isolated access point. And if a true issue were to arise, that device could be banned blocked from the RNC altogether.

There’s no telling what will happen at tonight’s big event. However, one thing is certain: security experts have prepared themselves for anything.

Security with Vault Rooms – Be Prepared for Anything

At Vault Rooms, we believe that the same level of meticulous preparation is required to maintain the security of sensitive information during financial transactions. Companies are often in need of a solution that helps them keep their business-critical files safe, but also accessible to the right parties during such important deals.

Security is a top priority for us at and we pride ourselves on being able to provide our clients with virtual data rooms that allow them to exercise complete control over their documents in a highly secure environment.

With virtual data rooms being used in so many different and new ways, we have also come to realize that each company has its own specific security needs. So, whatever your needs may be, we at Vault Rooms have a customized solution that perfectly fits your requirements.

To learn more about our virtual data rooms, get started here: www.vaultrooms.com.

Biometric Technologies for Data Security

biometricWith modern technology evolving rapidly, it’s understood that vulnerabilities and security risks are following suit. The next step in mitigating risk and protecting confidential data is the use of biometric technologies.

These technologies include any type of security measure that involve the detection and verification of particular human characteristics, such as fingerprint recognition or an iris scan.

Human Error in Security

Biometrics are a positive development because many of the most common security measures include a heavy potential for human error.

Perhaps an employee leaves his or her password sitting out on a sticky note. Or a computer is successfully infiltrated with malware. Maybe that email chain you received and proceeded to forward was initiated by a fraud.

How can firms eliminate this human error while still seeking to ensure that users are who they say they are?

Biometric Technologies

Biometric scanners allow for the direct detection of unique human qualities that cannot easily by replicated and used to bypass security measures.

Suppose you’re an authorized personnel seeking to gain access to a private server farm. Just place your eye before the scanner and your genetic credentials will speak for you.

Suppose you’re not on the list of permitted users: the biometric security system will swiftly inform administrators that an attempted intrusion has occurred.

How It Works

First, a biometric presentation occurs in which your feature is captured and pre-processed. Then, once extraction occurs, a template of 1s and 0s is created and stored in the database. Next time you attempt to access the database, your sample will be compared to the stored template and the system will be informed that you’re permitted.

These technologies are already being used in a variety of industries and fields. These include national security, homeland security & law enforcement, enterprise & e-government services, personal information, and business transactions.

What It Means for You

While key cards, passwords, and PINs are certainly important for keeping data in safe hands, they should never operate alone.

When you’re looking to leverage a technology service for your firm, check to see if they’re implementing biometric security measures to protect trusted user information.

V-Rooms utilizes Amazon Web Services to provide comprehensive security monitoring, including biometric technologies, to ensure that information is both safe and accessible.

For more information on V-Rooms Virtual Data Rooms, please visit www.v-rooms.com

SOC 2 for Technology Services

SOC 2

If you’re providing a service to customers, then you must be well aware of the numerous certifications advertised as being crucial to the success of your company. Perhaps the most important certification for technology and cloud computing firms is the recognition of holding to SOC 2 Compliance.

What Is SOC 2 Compliance?

SOC 2 Compliance is designed specifically for the growing number of technology and cloud-based entities that are increasingly permeating the world of service organizations.

This compliance also guarantees that certified companies are operating in accordance with the AT 101 “attestation” standard. This essentiality audits the system of any service that might potentially impact the financial reporting of a customer.

There are 5 TSPs (Trust Service Principles) that are included within the certification. They include:

  1. Security
  2. Availability
  3. Processing Integrity
  4. Confidentiality
  5. Privacy

These TSPs have been created to ensure that service firms are meeting a high standard for quality when handling valuable customer information.

Levels of SOC 2 Compliance

Companies that are seeking to operate within the compliance can choose to be audited with a Type 1 or Type 2 report.

Type I reports analyze the policies and procedures of a system within a fixed point in time.

Type II reports span the length of 6 months and thus are deemed to be more comprehensive in authenticating a service provider’s credentials.

Why Look for SOC 2 Compliance?

While the 5 TSPs and multiple levels of SOC 2 Compliance sound nice and assuring on paper, why does any of this really matter when searching for a service provider?

We are living in a tumultuous time regarding cyber security and the digital handling of private transactions. It’s important now more than ever to ensure that the services you trust are being held to a certain standard of regulation.

Trusting a technology or cloud-based company with SOC 2 Compliance can allow both the supplier to feel confident in their operation, and the client to feel comfortable that their information is in safe hands.

V-Rooms utilizes Amazon Web Services to provide comprehensive security monitoring and SOC 2 compliance so that information is available on demand anytime, anywhere.