Highly sensitive data is frequently exchanged between organizations.
For instance, a business will routinely transmit financial information to their bank including payroll direct deposits and ACH payments. These transactions likely contain sensitive elements like bank account numbers, routing numbers, social security numbers, and payment details.
Industry-specific transactions may also contain highly sensitive data. For example, in the health care business, patient records are regularly exchanged between hospitals, doctors and payment providers. In the insurance business, policy information is often transmitted between carriers. This information may contain names, addresses, birth dates, social security numbers and other private information.
Loss of sensitive data can result in great financial expense, lawsuits and public embarrassment for the affected organization. Therefore it is no surprise that industries are setting new regulations and standards to address the security of their data. For instance:
- PCI DSS requires that credit card numbers are encrypted while "at rest" and "in motion." Failure to do so can result in severe fines and potential loss of your merchant account. Learn more >
- HIPAA requires that healthcare records are secured to protect the privacy of patients. Learn more >
- The GDPR requires organizations that offer services to EU residents meet several privacy rules that relate to data portability, data breach notification, inventory, and more. Learn more >
- State privacy laws require that customers are notified if their personal information may have been lost or stolen. Some states will also assess large fines against organizations if this data is not protected properly.
Organizations should consider compliance requirements and privacy laws when looking for a managed file transfer (MFT) solution. An effective solution should have a number of encryption methods available to protect sensitive data including SSL, SSH, AES, and Open PGP encryption. Audit trails should also be in place to track file transfer activity so you can easily determine what files are being sent, what time they are sent, who the sender and receiver is, and so on.
If you're looking for a comprehensive solution, GoAnywhere MFT can do all these things and more. You can learn about the compliance requirements and regulations we help with on our compliance page.