What is Electronic File Transfer (EFT)?

Electronic file transfer, abbreviated EFT is a procedure that follows an electronic format and protocol to exchange different types of data files.

In today’s world, file transfer protocol (FTP) and secure file transfer protocol (SFTP) stand out as two of the most widely used means of file transfers. The main reason is due to the fact that they are easy to use and readily available for free or cheap over the internet. These technologies are often helpful when companies have to share non-sensitive files, but also detrimental security-wise. Recent reports by Digital Shadows from a survey showed that 1.5 billion data files online were exposed through misconfigured FTPs, remote synchronizing of files and directives, etc.

Security, while exchanging data files, is key to ensuring a smooth data flow and data compliance. Electronic file transfer solutions aim to use different file exchange encryption standards and protocols to collect, compute, and incorporate incoming and outgoing file transfers. 

Essential Benefits of Electronic File Transfer

Electronic file transfer can be highly beneficial for companies where there are many electronic file exchanges.

Following proper protocols and encryption standards can prove vital in ensuring every industry’s safety and business continuity in today’s world. Not to mention avoiding hefty fines and civil suits in the case of a security breach. The following benefits below will provide more insight into why electronic file transfer should be the leading solution for transferring sensitive data within an organization(s):

Audit Logs and Access Management

Electronic file transfer solutions upgrade the cybersecurity of an organization. This is achieved by offering access to automated auditing and monitoring, providing the latest security protocols and controls, and ensuring files are secured in-transit and at rest. This also provides organizations with the luxury of extensive security controls that allow them to lay down password guidelines, verify users with identity/access management features, and provide enabling access to restrict unofficial users/administrators. With this ability, organizations can pinpoint any external user trying to alter sensitive business data.

Audit logs, which are a vital aspect in electronic file transfer, assist companies and organizations in tracking file exchange activities from beginning to end, which can also be established for all file exchange and administrator activity. They also provide necessary feedback in the wake of a data breach or a data compliance audit. 

There is also an additional opportunity here with the feedback metrics that give essential and easy-to-handle PDF feedback on job information, expiring encryption keys, and certificates alongside security settings.

Automation, Tracking, and Monitoring

An electronic file transfer solution can automate and guarantee the exchange and transfer of files in one simple and practical interface. Electronic file transfer solutions help users keep tabs on file movement using job monitoring, workflows, scheduling, and automation. The essential benefit of monitoring file transfers is that it takes the additional tasks of observing files that had been unsuccessfully sent, informs the company, and auto-resends in most cases. Job monitoring, in general, helps to avoid time wasted on troubleshooting. It leaves organizations with the advantage of focusing on more pressing issues since it provides notifications concerning errors and enables the ability to promptly resend data.

Automation, tracking, and monitoring are vital features in an EFT solution. Automating file sharing reduces the extra task of manually doing so every time. In choosing a tool, monitoring is essential for checking the status of viewed, delivered, and downloaded files to ensure only the right people get access.

A good recommendation option would be a managed file transfer (MFT) tool, such as Progress MOVEit. MFT takes care of protocols, communication channels, and workflows in a much more managed, secure, efficient, and reliable way.