Platforms that were once physical in nature – such as data
rooms – are increasingly becoming digitized. The cloud has
opened up new frontiers for data storage: It offers large amounts
of storage, collaborative file sharing, and easy access to records
at a low cost. On top of all that, the documents are not
susceptible to damage as a result of natural disasters, including
floods and fire. Consequently, it comes as no surprise that cloud
storage may appear a tempting option for a virtual data room.
However, when considering cloud storage, recent high profile
cyber-attacks ought to raise a red flag. For example, in August of
last year, The Telegraph revealed that hackers stole
nearly seventy million passwords from a cloud storage and file
sharing platform. The provider confirmed the hackers pilfered the
credentials four years prior and circulated the information online.
More recently, ZDnet claimed that hackers demanded a provider
for a popular cloud storage platform pay
