Facing a wide range of international data privacy regulations, sprawling data, and Shadow IT software: these are just a few of the threats facing your data both at rest and in transit.
The potential for these threats to disrupt operations, growth, and revenue for companies of any size is vast.
In 2022, the global average cost of a data breach reached an all-time high of $4.35 million, while failure to comply with regulations such as the General Data Protection Regulation could result in fines of up to €20 million or 4% of annual turnover. To counter these security and compliance issues, businesses must ensure that their growing data volumes remain in control.
Managed File Transfer (MFT) tools aim to achieve just this, combining centralised controls with the encryption, logging, and authentication features needed to fully secure data whenever it is transferred.
Below, we explore the challenges of unmanaged file transfers, how MFT tools can relieve internal pressure, and the benefits of securing compliance in more detail.
The challenges of Unmanaged File Transfers
Traditional transfer workflows pose several challenges for security and compliance. Just two of these involve:
- The use of multiple file sharing tools
- The sole reliance on FTP software
The risks of using multiple file sharing tools
One of the core factors compromising overall data security for an enterprise stems from the use of multiple file sharing tools. With various tools being used across a company, file transfers are fragmented and lack universal visibility and management – introducing vulnerabilities that increase the risk of data breaches and unauthorised access to sensitive information.
The limitations of solely relying on FTP software
Another challenge lies in the limitations of FTP (SFTP/FTPS) server software, which has been a popular choice for file transfers for many years.
While FTP served its purpose in the past, it falls short of meeting the security requirements of today’s digital landscape. A lack of encryption combined with inherent vulnerabilities makes it inadequate to handle large volumes of complex, sensitive data. As cyber threats continue to evolve, relying solely on legacy FTP solutions can pose a significant risk to the security of your files.
The need for upgrading tools and relieving internal pressure
MFT tools bring with them the capabilities necessary to not just enable centralised management of file transfers, but also clear enhancements to security. In Netenrich’s Global 2021 Survey of IT and Security Professionals, 67% of professionals agreed that “upgrading tools” was the top way to improve organisational security. MFT tools offer just this opportunity, offering an innovative, streamlined approach compared to traditional file sharing platforms.
Audit trails and streamlined incident response
MFT tools also enhance security and compliance with automated, intelligent audit features. These tools keep detailed logs that include timestamps, file names, activity details, usernames, and more whenever data is interacted with. Not only does this help lock in compliance with national data regulation, but it also improves overall security by providing a richer understanding of user activity.
Want to learn more? Discover the benefits of auditability features in our blog.
Simplifying compliance with Managed File Transfer solutions
As well as enhancing security throughout a file’s journey, intelligent MFT tools can also help companies meet the standards of many global compliance regulations. Every organisation that handles Personally Identifiable Information (PII) must ensure that they comply with data protection regulations such as:
- General Data Protection Regulation (GDPR)
- Data Privacy Act (DPA)
- Lei Geral de Proteção de Dados Pessoais (LGPD)
- California Consumer Privacy Act (CCPA)
Meeting these standards can be an intimidating and complex task, and one that requires regular assessments. Cloud-based MFT tools remove this complexity and relieve internal pressure on your teams. These tools automatically ensure that compliance is met so you can have peace of mind.
To learn more about how MFT tools help ensure regulatory compliance, download our free PDF today.
Making file sharing simple and secure
Managed File Transfers (MFT) provide a comprehensive solution for data security and compliance, enabling companies to avoid the challenges associated with disjointed file sharing tools and outdated FTP software.
Cloud-based MFT tools such as Quatrix offer a wide range of features, from incident alerts to automated compliance, to relieve manual resource, enhance security, and ensure compliance is met.
To discover how Quatrix can help ensure that your data remains secure and compliant while being shared, why not book a free discovery call with a member of our team? Here, we can discuss the unique requirements of your organisation, and discover the best solution to support your file sharing activity.