![]() Most likely, no one will help you solve this issue. investor’s) for that matter – might not have access to the system and the data put in it because it violates company’s policy. When using Dropbox, you have to accept the risk and keep in mind that the user – a single employee or the whole company (e.g. VDR providers know how to get along with the IT departments of these companies and can quickly overcome complications. Furthermore, you may not realize how restrictive companies’ policies regarding employee access to external systems are (Dropbox and Data Room are such systems), especially in the financial, energy, Telco and other industries. And technical difficulties can affect anyone – you, the administrator, and the people invited to your project. ![]() Have you ever tried calling Dropbox Support? I have. OBSERVATION #2: The key role of Support team A situation like that has impact on the final valuation and if the confidential information gets to competition – it will affect business advantage of the company. In Due Diligence, especially if it involves selling of a company, lack of control over who has access to key information is a plain disaster. As information owners, we lose control over the downloaded file. If users can download files to their drives, it means they can use them as they want and show them to anyone. In the end, the function does not protect sensitive information. Enabling the read-only option does block the possibility to edit the file, but it leaves the door open to downloading the document. Sure, it has a read-only option but, in fact, it is just a marketing phrase. Dropbox does not provide such possibilities. These are key security features which make it impossible to “move” information outside the data room. Moreover, users cannot select a fragment of text and copy it or take screenshots (e.g. The key functionality of data rooms is the ability to protect stored files so that the users are unable to save a document or print it. OBSERVATION #1: Dropbox security is limited However, with my current knowledge, I would never decide to use Dropbox to transfer sensitive data, let alone implementing it in such processes as company sales, Due Diligence or audit. ![]() But these files were of low business relevance – speed and the ease of transfer where the most crucial in that case. When I worked at an advertising agency, I used Dropbox myself to transfer large graphic files. I am convinced that this tool is able to meet the needs of many businesses and individual practices. „Dropbox is designed to make file sharing easy, collaborative, but not exactly safe.”Īlthough I represent a VDR provider, it is not my intention to discourage you from using Dropbox. „Virtual Data Room is designed to make file sharing safe and to ensure that it is not possible to modify their content.” Credit negotiations with a bank or a bank consortium.Sales or licensing of pharmaceutical production.Project implementation with an external partner.Sharing confidential documents with an advisor, lawyer, or auditor.Audit (legal, financial, pharmaceutical).Sales of commercial real estate (office buildings, shopping centers, hotels).Mergers and acquisitions (sale of a company, assets or an organized part of an enterprise). ![]() The comprehensive approach to data protection, which goes far beyond IT solutions, differs greatly from Dropbox’s safety measures, assuring top confidentiality of exchanged information.You can read more about it in the article “Virtual Data Room – Everything you need to know”. In contrast, a Virtual Data Room is a system created for sharing confidential data outside the company, which will prove as a perfect alternative to Dropbox. ![]()
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