11/12/2023 0 Comments Is dropbox secure![]() These breaches also highlight some of the drawbacks of financial institutions relying on a data-sharing service that was designed for general consumer use rather than specifically for a firm’s needs. And, you could argue that being a well-known platform makes them more of a target for hackers. Both platforms have been updated since this issue was discovered, of course, but the incidents underscore an important point: The big data room providers are no less susceptible to security flaws. In each case, the security breach resulted from a design choice to make sharing links easier. The same security flaw was present on the Box file sharing platform at the time. ![]() That’s a call nobody wants to have with an investor or other stakeholder! However, you may have read this article on Dropbox security explaining that a number of sensitive documents that were shared on the platform ended up freely accessible on the internet. In the Private Equity industry, we’ve found that many people consider Dropbox to be the gold standard for sharing documents with LPs. Myth #2 – Well-Known Data Rooms Are More Secure As a result, forcing customers who need a secure data room to pay for this outdated and unnecessary feature is unreasonable. But the truth is that if information is accessible online and people have bad intentions, there will always be ways to share it. Nevertheless, some people still consider printing/screenshot restrictions (and other outdated functionality) to be important and will continue to pay for it. Today, everyone has a camera in their pocket and a continuous internet connection. ![]() When this feature was first introduced by those providers long ago, no one had camera phones, so preventing someone from printing hard copies of reports or taking a screenshot actually meant that, to a large extent, you could keep them from illicitly sharing information. One of these features, for example, is limiting a user’s ability to print or take screenshots of documents. That’s great for the provider, but not for the consumer. Consequently, it drives up the cost of the product unnecessarily. In building our secure data room, we carefully considered the feature set and have intentionally not included a number of features because we feel that much of the functionality that expensive legacy secure data rooms offer isn’t relevant to the market they serve. ![]() If you’re just referring to the number of “security features,” then certainly some secure data room providers can tout a long list of features they’ve built into their systems. Myth #1 – More Security Features Equals Greater Data Room Securityįrankly, this statement depends on how you define security. And over the long term, the damage to a firm’s reputation for having failed to protect stakeholder data can be disastrous.īelow are the three misconceptions we encounter most often. In the short term, there is the time, effort, and money expended to investigate and remedy the breach. This leaves them vulnerable to a security breach that can have both immediate and lasting consequences. Some of the people we talk with are using protective measures that are easily circumvented or no protective measures at all. In some cases, people who believe them end up paying for more security than they’re getting in return or paying for features they don’t need.īut there’s an even worse potential outcome. And, unfortunately, these “myths” represent a real risk. In those discussions, we’ve found that there are some common misconceptions that people in the financial industry have about data room security. We have interesting conversations with clients and prospects regularly about our ShareSecure data room and secure data rooms in general. ![]()
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