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Data Privacy Requirements of Businesses Nurture Secure Configuration Networks; Banking, Financial Services and Insurance Sector Benefits Massively from Managed File Transfer Solutions

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Published on : Feb 17, 2016

In today’s business environments, information transfer need to be carried out in a secure, transparent, and reliable manner. What was once discretionary is today necessary, which is facilitated using a secure, easy, and cost-effective medium for transfer of information across geographical boundaries.

Email, web, or file transfer protocol (FTP) were the medium used previously for file transfer, which has given way to more secure medium that overcomes loopholes of the medium used previously. Cloud-based services such as Dropbox and Box are popular among several types of businesses, the medium is futile for businesses bound by data privacy and security regulations. This is where secure managed file transfer solutions render usability for securing sensitive data and proprietary information.

Managed file transfer refers to an application, which provides the platform for fast, transparent, secure, and reliable transfer of files inside or between organizations. MFT products are developed over usual FTP networks, however, these products include mechanisms in order to meet a high level of security protocol. MFTs are subject to stringent compliances for privacy of information.

Thus, MFTs are largely used by businesses, industries wherein information privacy is vitally important to be satisfied by networks through which data exchange happens. For example, large amount of critical data is handled by banks and financial institutions that require ultra-secure networks for transfer of information. To meet the requisites, these institutions are giving a face-lift to their data transfer protocols, which includes installation of MFT to prevent risk of data breach at any stage of the entire file transfer undertaking.

Over the last decade, the number of online banking customers has gone up substantially for convenience and security reasons. Both in developed as well developing countries, these practices are becoming common; in developing countries, consumers are reaping economic and convenience benefits of technological advancement that has revolutionized the services industry in these countries. However, this has given way to cyber-attack threats, which has necessitated the use of secure and reliable solution such as managed file transfer.

Banking, financial services, and insurance accounts for the largest share of the global market for managed file transfer service and software. This industry vertical handles large volume of critical data, thus need for these solutions.