Managed file transfer (MFT) empowers organizations to reliably and securely exchange electronic data between systems and comply with various regulatory requirements. With MFT solutions, you can confidently facilitate internal and external enterprise data transfers, including sensitive, compliance-protected, or high-volume data.
The financial sector is among the most heavily regulated industries in the world. The sheer quantity of sensitive personal information financial institutions handle makes them a near-irresistible target for cybercriminals; MFT solutions help financial institutions protect this priceless data in transit and at rest.
Here are five ways MFT solutions can help the finance industry:
1. Secure Data Transfer
Financial institutions handle and transfer highly sensitive financial and customer data. This data needs to be secured, especially when in transit. MFT solutions automate file transfer processes and policy enforcement to help mitigate the risk of human error and subsequent cybersecurity incidents that come with manual processing.
Similarly, MFT’s automation capabilities continuously monitor file transfer activities and generate logs and audit trails, as well as process files through automated workflows. By providing system administrators with real-time alerts and notifications pertaining to critical events such as failed transfers, security breaches, or policy violations, MFT solutions empower security teams to identify and respond to security threats as and when they occur.
MFT solutions also support security protocols such as HTTPS, SFTP, and FTPS to encrypt data in transit and prevent unauthorized users from accessing or tampering with it.
2. Ease Regulatory Compliance
As noted above, financial institutions fall under very stringent industry requirements. Regulatory standards such as the Payment Card Industry Data Security Standard (PCI DSS), Gramm-Leach-Bliley Act, and the General Data Protection Regulation (GDPR) require organizations to secure their data.
MFT solutions ensure data integrity through checksums and cryptographic hashing algorithms to verify file integrity and ensure that data received matches data sent. Most regulatory standards require that data remains unaltered during transit; MFT solutions make that happen.
Compliance reporting can be incredibly time-consuming, but MFT solutions can streamline that process. MFT solutions empower organizations to monitor and demonstrate regulatory compliance quickly and efficiently through detailed reports on file transfer activities such as successful, failed, and exceptional transfers.
On-Demand Webinar: Meeting Compliance Requirements with GoAnywhere
3. Streamline Business Processes
MFT solutions help streamline business processes in several ways. Through workflow orchestration, MFT solutions ensure file transfers follow a predefined sequence and adhere to business rules. Workflows typically involve multiple steps, including file conversion, data transformation, encryption, validation, and delivery to specific destinations. MFT solutions ensure this process runs smoothly and securely.
The complex network infrastructures of modern organizations can make file transfers challenging to track and maintain; through centralized management and control capabilities, MFT solutions allow security teams to define transfer settings, security policies, and user access controls from a single, browser-based interface. Centralized management and control allow for enhanced visibility and governance of file transfers and eradicates the need for security teams to trawl through disparate data siloes to track and secure data transfers.
4. Integrate with Financial Systems
Financial institutions typically have incredibly complex IT infrastructures comprised of multiple disparate systems, applications, and platforms. The best MFT solutions offer integration capabilities that connect financial systems such as core banking, enterprise resource planning (ERP) systems, treasury management systems, and trading platforms. These integrations ensure smooth, secure, and efficient data exchange between systems and facilitate financial operations and decision-making.
Related Reading: How Banks are Benefitting from MFT Integrations
5. Business Continuity and Disaster Recovery
Business continuity and disaster recovery are crucial for financial institutions; significant downtime could result in enormous financial and reputational impacts. MFT features such as data replication, failover mechanisms, and backup options ensure organizations can respond to and mitigate the effects of cyber incidents, preventing data loss and ensuring business continuity.
MFT solutions, such as Fortra’s GoAnywhere MFT, help the finance industry to securely exchange data, comply with regulatory requirements, streamline business processes, integrate with financial systems, and ensure business continuity. Financial institutions face unique challenges when data security and compliance challenges, making MFT solutions an essential tool for mitigating risks and protecting sensitive information during file transfers.
By automating file transfer processes and enforcing security policies, MFT solutions can reduce the risk of human error and enhance cybersecurity. Real-time transfer activity monitoring, log generation, and alerts empower organizations to detect and respond to security incidents promptly, safeguarding data from unauthorized access or tampering.
MFT solutions also help financial organizations comply with regulations. They ensure data integrity during transit, generate detailed reports for compliance auditing, and simplify the management of compliance-related tasks. Features such as data encryption, secure protocols, and checksum verification provide organizations with the necessary safeguards to protect sensitive financial data and comply with industry standards.
By automating workflows, centralizing management and control, and integrating with various financial systems, MFT solutions streamline business processes, improve operational efficiency, reduce human intervention, bolster data accuracy, and allow for seamless inter-system data exchange.
Finally, MFT solutions are an invaluable tool for ensuring business continuity. Through data replication, failover mechanisms, and backup options, MFT solutions ensure that financial institutions are well-placed to respond to cyber threats, reduce potential downtime, and prevent data loss.