Data Room Provider: Effective software for Financial organization

Every year, the requirements of the business to the continuity of service provision are growing. In this regard, the largest IT vendors produce and implement more functional and reliable software solutions like Electronic Data Rooms.

The prospects of using Virtual services in financial organizations

The use of modern information technology today is a necessary condition for successful business operations. Accounting software is used in enterprises of all sizes and organizational and legal forms of management. It is important that modern information technologies change the traditional theory of accounting and not only the technique of registration of processing and transmission of information in the accounting system, lead to a revision of the basic principles of accounting in the enterprise.

Possibilities of automation of accounting procedures are various, their choice depends on many factors, in particular the size of the enterprise, complexity of its structure, branch affiliation, the software products available at the enterprise, financial opportunities.

Virtual Data Room technologies are defined as a dynamically scalable free way to access external computing information resources in the form of services provided via the Internet. This technology allows for much more efficient management of the enterprise by centralizing management and accounting information, processing, bandwidth, and reliability of data storage.

The functionality of Digital Data Providers

The concept of electronic data room security is central to the software level. Following an object-oriented approach, when considering an information system with a single level of detail, we will see a set of information services provided by it.

The main security services for Virtual Rooms are:

• identification and authentication;
• access control;
• logging and auditing;
• encryption;
• integrity control;
• shielding;
• security analysis;
• ensuring fault tolerance;
• ensuring safe recovery;
• tunneling;
• management.

It is believed that this set of services, in principle, is sufficient to build reliable protection at the software and hardware level. To consider the industry of Virtual Data services separately and in the context of personal data protection (PD) are prompted by two points:

• due to the peculiarities of their operation “cloud” services create a very specific environment in which traditional legal mechanisms, practices, and approaches become largely ineffective;
• in the global dimension, the cloud computing industry has already become a critical resource for the IT sector, but, according to unanimous forecasts, in the coming years, its share in the business and many other areas of life will increase many times over.

The advantages of using Digital Data service

The main function is the simple and secure upload, storage, and management of a wide variety of files. This can be documents, business letters, diagrams, or other forms of conveying information.

Ease of use also plays a major role in this function. A simple and easily understandable use not only has a positive influence on the participants but also on the outcome of the negotiation or cooperation. If the procedure within the Data Room turns out to be difficult, then all participants have to try harder. In the worst case, this can prevent potential deals.

There are the following benefits:

• Access function: grant different forms of access to the participants. You decide who is only allowed to view documents, who can save them, and who can even change them.
• Audit protocol: which user logged in and when and on which document did they work? This is exactly the information you can find out with an audit function and thus eliminate inconsistencies.
• Security functions: backup of documents, prevention of screenshots and print jobs, time-limited access, etc.