What Is a Virtual Data Room? A Virtual Data Room is a safe, cloud-based platform for storage and exchange of documents and data pertinent to legal transactions and business proceedings. A central server with external connections is used for correct VDR functioning. The high safety level is guaranteed by controlled access, two-level authentication, and data encryption. Originally, virtual data rooms were just physical spaces used specifically by lawyers as a place to “meet” with the client and discuss the details of future cooperation. Later on, they became an efficient and cost-effective way for accountants, attorneys and businessmen to view documents and exchange…