Because of this, users will not have to worry about data loss, data theft, and so on. This kind of security is essential in finance, where transactions being intercepted could have disastrous consequences.
Importance of VPN for Financial Institutions
When it comes to financial institutions, their data needs end-to-end encryption to prevent transactions from being intercepted. How it works is that the packets being sent back and forth are encrypted and then decrypted upon reaching their destination. Even if a packet is intercepted, it is improbable that the contents will be discovered.
VPN Protection for Financial Institutions – Overview
VPNs are most important for sensitive fields like finance. It serves as a valuable tool against hackers and cybercriminals. Hackers can employ a myriad of methods to compromise systems; while some may obvious, there are a few that are difficult to counter. Keeping this in mind, VPNs can protect financial institutions from the following threats:
Many companies can end up with malware on their networks despite taking the necessary security measures. Malware can be used to monitor and track sensitive information, which hackers can use to resort to blackmail or demand a ransom. Malware includes key loggers, trojans, and viruses.
VPNs can help combat malware by encrypting networks rendering malware useless to hackers and cybercriminals.
Most people may have a basic understanding of phishing, but they know little to nothing about smishing. Phishing utilizes emails to target users, while smishing involves text communication. Phishing and smishing include links that users can access mistakenly since they are well disguised. Fortunately, phishing and smishing attempts can be eliminated via a VPN.
People may understand how the internet works and perhaps even complex processes on servers, but they may be stumped regarding mobile apps. Mobile apps are a different breed altogether, and users often use them without a full understanding of how they function. When users do not understand how mobile apps work, it can have serious repercussions, especially if sensitive information is stored on company phones.
Malicious apps are designed to access data on phones and transfer them to their creators silently. The good news is a VPN can prevent this discrete transfer of data by blocking apps from accessing the internet.
Networks Lacking Security
there is serious concern that data being transmitted on such networks can be stolen without the user ever knowing about it. VPNs can enhance security for such networks by encrypting data so that only the intended recipient can decipher it.
Other benefits of incorporating a business VPN into a financial institution include and are not limited to:
- Unblock geo-restricted content
- Extends connectivity geographically
- Reduces transportation costs and transit time by allowing users to work remotely
- Simplification of network topologies
- Global networking opportunities
- Faster ROI when compared to traditional WAN
- Reduction in operational costs when compared to traditional WAN
- Enhances productivity
Types of VPNs for Financial Institutions
Remote Access VPN
Remote Access VPN is commonly referred to as Virtual Private Dial-Up. It is mostly used by financial institutions like banks with staff working in various locations outside the workplace. Users can use a remote access VPN to connect to their workplace network with ease regardless of their location.
Site-to-site VPN allows financial institutions to have secure connections between locations over the internet. With it, financial institutions can cut down on their expenses by leaps and bounds.
Sensitive Information Demands Impenetrable Protection
According to PC Mag, threats could arise from unsuspecting sources, like an ISP. While users expect such companies to know how to handle their data, things are quite the opposite. As soon as data is transferred, technically speaking, users have no control over it henceforth.
Sensitive information pertaining to the field of finance is incredibly valuable and thus cannot be left in the hands of an ISP. To overcome this obstacle, financial institutions must rely on a reliable business VPN with a zero-log policy that ensures data gets to its intended audience without any lapses in security.
In recent years, security breaches in financial institutions have resulted in irreversible damage that could have been prevented easily by using a VPN if companies had invested in it sooner. Investing in a VPN may increase expense ever so slightly, but the long-term benefits cannot be denied.
The pros of a business VPN outweigh the cons compared to setting up a dedicated cybersecurity department to combat and eliminate cyber threats against any financial institution. So, it is safe to say a VPN is a necessity rather than a luxury for financial institutions.