Financial firms face an escalating risk of data loss to hackers amid the surge in cybersecurity attacks. Theft of sensitive customer details can result in devastating financial losses and reputational damage. Companies consider VPN security as one of their main tools. They offer comprehensive protection for the company, its employees, and customer data. It won't be a mistake to implement a VPN, but you need to check VPN security first.
Why do Financial Companies Need the Best VPN Security?
#1 Remote connections
Using a VPN is common among employees who want to stay productive and avoid online risks, especially while travelling. With a VPN, employees can connect to the corporate network from anywhere in the world. That is, the service provides access to files, applications, and email as if they were in the office. Public Wi-Fi networks pose a risk of eavesdropping, but a VPN encrypts data, which makes it difficult to intercept and read.
#2 Malware protection
Malware poses a significant threat to any system. It can quietly infiltrate an organization, pilfer sensitive information, delete confidential data, manipulate the system, and even monitor activities. This leaves organizations exposed and susceptible.
So, how can you detect the presence of malware? Well, if you notice multiple replicated data files without any employee-initiated actions, chances are there's malware lurking. The source of malware can be anywhere, including websites that require access. However, using a VPN can obscure your online activities from such sites. It's important to remain vigilant and utilize a VPN both in and out of the office, especially when dealing with financial matters, to avoid unauthorized infiltration.
#3 Preventing phishing attacks
Phishing remains a persistent threat that can silently breach your organization through an unsuspecting employee. It could be as simple as receiving a customer email that seemingly requests information but is, in reality, a gateway to your system. Once infiltrated, the hacker steals data and transfers it to their server. This risk can be mitigated by using a VPN. For example, you can install VeePN for Mac and protect yourself from phishing attacks. It is also necessary to conduct comprehensive training for employees, including Wi-Fi VPN security and testing.
#4 Comply with regulations
Financial institutions must adhere to various regulations, such as the Gramm-Leach-Bliley Act (GLBA), which necessitates safeguarding customer information. Additional regulations include the Sarbanes-Oxley Act (SOX) and the Dodd-Frank Wall Street Reform and Consumer Protection Act. To comply with these regulations and safeguard data, financial firms can employ a VPN. Catherine Schwartz, Finance Editor of Credible, emphasizes the increased importance for financial firms to protect their data in light of heightened regulation. By implementing a VPN, customer data can be encrypted and accessible only to authorized personnel, minimizing breach risks.
#5 Protect Client Data
Financial firms utilize a VPN for safeguarding client data, ensuring secure transmission and encryption. Recent high-profile data breaches in the financial sector could have been prevented through encryption. By employing a reliable VPN, financial firms mitigate the risk of breaches and protect sensitive information, including client data and financial records. Founder and CEO of Choice Mutual, Anthony Martin, emphasizes the criticality of VPN for financial firms, as it encrypts all data sent through the network, reducing the potential aftermath of a data breach.
#6 Expand Business
Financial firms can expand their business by utilizing a VPN. With a VPN from one of the top VPN providers, firms can connect with branch offices or clients in other countries, enabling them to grow their business and improve client services. Moreover, reducing costs becomes feasible when leveraging a VPN, as previously mentioned.
Additionally, a VPN assists financial firms in establishing a presence in new markets, allowing them to efficiently serve their clients. While expanding into new markets may increase revenue, it can also expose firms to new risks. By providing a secure and private connection for employees to access both the internet and the company's internal network, a VPN helps mitigate these risks.
#7 Save Money
Using a VPN can help you save money on airfare and hotels, believe it or not! How does it work? By connecting to servers in different locations around the world, websites can be tricked into thinking you're somewhere else. This can lead to lower prices for you.
For instance, if you're booking a flight from New York City to Tokyo, connecting to a server in Japan might show you lower prices because the airline assumes you're located in Japan. This can happen even if you're flying from NYC.
The same principle applies to hotel bookings. By connecting to a server in Paris, hotels might offer you lower rates, assuming you're located in Paris. This can be beneficial even if Paris isn't your final destination.
Furthermore, VPNs are an excellent way to cut costs on calls using services like Skype or other VOIP providers. Apart from encrypting your data, VPNs can also help you secure lower prices on flights and accommodations.
#8 Bypass Government Restrictions
Countries have their laws and regulations; they may be less or more strict. In China, UAE, Qatar, and others, the government prohibits many services and activities on the Internet. To avoid problems due to such restrictions, financial companies use VPNs. They allow you to bypass government censorship without any consequences. VPN helps organize business operations and improves customer experience.
Government agencies also force Internet providers to monitor their users. True, ISPs can monitor their initiative and then sell your data to companies. This is officially allowed in the USA, so don’t be surprised if your data is sold to some intermediaries or large companies. A VPN makes it impossible to track you since all the ISP sees is the connection to the remote server, where the traffic goes next, and what you download, it does not know.
There are many benefits to implementing a VPN, but not all services on the market are equally effective. This suggests a conclusion - you need to conduct a VPN security test. Good services cover the maximum number of vulnerabilities and are available on almost all devices. This means that no matter where employees connect to production servers, they will not pose a security risk.