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My New BFF Is a Smart VDR

By Tinamarie Feil

My Dear SmartRoom, you are my new BFF (best friend forever)! You are a smart, secure VDR (virtual data room) that was first conceived to securely host due diligence documents for an expedited Chapter 11 asset sale of multiple properties with multiple potential bidders. Why do I love thee now, more than ever, my trusted, always there, friend? You are secure, I can reach you whenever and whereever, and your features continue to evolve making you better almost every time I see you. You help me to provide more efficient, valuable service to my clients.

I know I must take care. As files have transitioned from paper to digital over the last decade, companies have had to adapt and find new ways to share those files. Consumer platforms like Google Docs, DropBox, etc. are being used by individuals, companies and their professional advisers for sharing digital files. But that means those files can be shared with others, copied endlessly, and accessed by and from the most unsavory of characters and places. Oh, what a security nightmare! I can hardly believe some get so carried away by the excitement of sharing data that they forget about security. Little do they realize that ease-of-use and security are mutually exclusive in most of those consumer file-sharing platforms. So, while one may be able to share a file with another party quite easily, what that party does with that file thereafter is anyone's guess. How wonderful that you offer the security and reporting capabilities to properly account for a file once it has been shared. I especially love that you can remotely detonate a document! It reminds me of the old mission impossible.

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