Data Breaches in Financial & Administrative Bodies Compelling Higher Adoption of Managed File Transfer (MFT) Solutions

In this era of technology, outdated patterns of orchestrating file transfers such as email and FTPs have been offloaded from the preference list of IT departments in various companies. Since success of a business is deeply entwined with file transfer & data security solutions incorporated with it, multiple companies present in the global market are keeping up with the fast-paced development of data transfer technologies in order to enhance delivery outcomes, improve security controls and speed up the pace of transferring data payloads. Ergo, the adoption of managed file transfer (MFT) solutions is primarily higher among administration bodies, financing & wealth management organizations, media & entertainment industry as well as defence sectors.

Pacing with developing technology, data is now being swiftly mapped through swipes or clicks instead of conventional buffering techniques. Errors occurring due to encryption key change, network outages and changing passwords have been posing major challenges for file transfer processes in various industries. The vulnerability of improper error handling while fixing programming scripts serves as another challenge faced by IT businesses, which, in turn, is weakening their database security and exposing confidential details to hackers. Similarly, some more industrial trends that propel adoption of managed file transfer solutions include,

· Securing financial data to top priority list in financial institutions:

Financial institutions are increasingly adopting MFT solutions to safeguard from servers being spoofed to send confidential data to random ports or unintended systems. Among various verticals, the banking, financial service & insurance segment is predicted to dominate the global market for managed file transfer solutions, primarily due to rising data breach vulnerabilities and prevalence of highest level of data sensitivity.

In a tussle to overcome the myriad challenges in data performance & security, as well as regulating the interoperability discrepancies faced while managing day-to-day file transfer processes, various financial institutes are adopting managed file transfer programs such as FileXpress. Moreover, managed file transfers solutions give end users authentication and authorisation benefits that enable them to access data and monitor data exchange and transactions.

Furthermore, managed file transfer solutions offer convenience in file handling and management for various financial institutions through system-centric file transfer segment processes. In terms of revenue, the system-centric file transfer segment is expected to account for over half of the market share by the end of 2025.

· Need for rapid data transfer in various medical institutions:

Various hospitals and medical institutes use x-rays and MRIs for diagnostic purposes. If such reports are subject to technical glitches, it could distort patient-related data, which in turn, could impact treatment process and endanger the patient’s life.

In order to avoid such hindrance, medical institutions are increasingly using MFTs to secure transaction of data among medical institutions. Another significant challenge faced by medical institutions is collaborating or sharing sensitive data on patients’ health records between multiple organizations. Through the implementation of MFT solutions security of such data transference measures is strengthened at the highest extent.

Adoption of managed file transfers solution can also offer patients and doctors a remote access to health records and have the authority to control & secure data transactions. Attributed to managed file transfer solutions, patients can ensure that only they can access such data, apart from doctors.

· Research and development to propel demand for managed file transfer:

For development & innovation regarding products and services in various industries, companies make huge investments in their R&D departments. However, such research data could be subject to loopholes and vulnerabilities in database security of that company. By routing or processing such data through secured MFT solutions, such companies ensure that vital research information lands up the destined user and through an appropriate data transference system.

Attributed to application of cloud-based storage, various companies today are switching to adopt for managed file transfer solutions in order to secure data and manage files conveniently. Moreover, managed file transfer solutions offer system-centric file transfers, extreme file transfers and people-centric file transfers, due to which management of data and file can be conveniently managed according to the requirements. Among various types of file transfers, system-centric file transfers are expected to dominate the global MFT solutions market over the forecast period of 2016-2025.

· Preference for adoption of trending technology in file transfers:

Battling to offer solutions with speedy completion of task in a secure manner, various device developers are striving to capitalize on an emerging trend in order to secure development practices. Compared to other technologies, managed file transfer has emerged dominant in the market among other technologies used for file transfer equipped with security. Surge in rates of device thefts and malicious hacks, data sensitive sectors such as defence and financial institutions prefer opting for updated technology for enhanced performance.

However, an upsurge in demand for cloud computing has led to an increase in adoption of managed file transfer solutions, primarily due to its cost-effective maintenance and scalability. With the help of managed file transfer solutions, data can be availed in multiple file formats such as HTML, XLS and PDF formats. Managed file transfer solutions also offer customisation of event codes, user interface, protocols, processes and notifications, which further offers convenience in data and file management for various sectors such as government, finance, defence, entertainment and many more. Attributed to such factors, the end users can track files stored in cloud-based storage systems conveniently.

While adopting MFT solutions, end users have addressed various challenges regarding digital data collaboration. MFT solutions provides you solutions to securely share digital content or enterprise-level managed file transfer solutions that lead the industry in terms of security, performance, reliability and ease of use. So, switching to updated versions of file transfer for fast and secure file management and data transfer becomes a highly-recommended option of almost every end user on the planet.

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