File-based collaborator Egnyte has set up a secure Virtual Data Room (VDR) service for sharing sensitive documents with third parties, with the idea of removing the need for MOVEit-like file transfer services.
A VDR is an online vault for document sharing and access, with actions such as copying, printing, and forwarding disabled for its content. It is generally a standalone service and used as part of a due diligence process before a business acquisition, merger, or IPO so that sensitive business documents can be shared between the parties involved. Egnyte claims VDRs can be more secure than actually moving physical documents as loss in transit or accidental destruction does not happen.
Rajesh Ram, Egnyte co-founder and chief growth officer, said: “Virtual Data Rooms arose to fill a gap in the market around a niche set of highly sensitive, external file-sharing use cases. With this latest release, we have closed that gap so that our customers who might otherwise have needed a standalone VDR can now get everything they need through a single, intuitive content platform. The result is less complexity and friction for the end user, and ultimately less data sprawl and risk.”
Egnyte’s VDR, called Egnyte Document Room, includes:
- Security with encryption, multi-factor authentication, Single Sign On, Active Directory integration, audit trails, and anomalous behavior detection.
- Granular Access Control, with permissions definable for different users, limiting who can view, download, print, or edit particular documents.
- Reporting and Analytics for monitoring user behavior and document access patterns, and notifications when someone accesses or makes changes to files.
- Customization to match each customer’s branding needs and transaction type.
It says customers can manage, deploy, and monitor data rooms to streamline the sharing of large volumes of sensitive documents between parties involved in M&A transactions and due diligence processes, legal proceedings, private equity asset purchases, property sales and lease agreements, compliance and audit processes, IP licensing and research collaboration, and more.
The Egnyte Document Room is the business’s third purpose-built secure enclave product, joining previous data enclaves to address Good “x” Practice (GxP), and Cybersecurity Maturity Model Certification (CMMC) regulations.
Third-party file transfer services such as Fortra and MOVEit have been breached by malware exposing dozens of organizations to file copying and exfiltration. A VDR prevents the physical transmission of files across a network and removes that threat.
If the file transfer is part of an automated workflow, migrating it to a VDR alternative would require customization to include VDR file availability and access in the workflow procedure. More info on the platform here.