The VPN industry keeps growing rapidly, with more people learning that surfing the web comes with its share of risks. If you’re not careful, you could fall victim to a cyberattack, maybe even without realizing it.
According to GlobeNewsWire, the global VPN market was worth $35.4 billion in 2020. If it continues trailing a CAGR of 17.2%, it will reach $107.6 billion by 2027.
But what privacy concerns have fueled the VPN industry’s growth? What privacy and security issues can a VPN solve? Let’s find out.
Personal Data Theft
Personal data theft is one of the top reasons why people are increasingly utilizing VPN services. Most VPN users worry about their data security on public Wi-Fi networks, which don’t use encryption.
The latest CouponFollow report revealed that 69% of Americans worry that their personal data isn’t secure on public Wi-Fi.
A VPN can safeguard your personal data both on a private network and on public Wi-Fi.
That’s because it uses encryption that makes data unreadable to third parties. It uses public and private key encryption protocols to protect data in transmission and enable only the intended parties to decrypt it. Many industry leaders use AES-256, which is one of the strongest encryption standards available. Additionally, when it comes to protocols, WireGuard and IKEv2/IPSec continue to be the best options out there.
With all this protection, it is difficult to intercept your connection to steal data.
Identity Theft
When you try to log into any online account, you send your username and password over the network to the end server. The server then uses a hashed copy of your login credentials for authentication, thus granting you access.
But if a potential hacker was snooping on your connection, they could intercept the data and steal your login credentials. The situation intensifies if the website you visited uses HTTP instead of HTTPS. They could use your data to commit identity theft and fraud. For instance, they could use your credit card details to take out loans in your name.
With a VPN in your corner, you can prevent this from happening.
Apart from encryption, VPNs use hash algorithms. The most common are IPSec algorithms, which VPNs use at an IP level. They also use MD5 and SHA-2 hash functions and the Challenge-Handshake Authentication Protocol (CHAP) to verify a user’s identity.
These tools ensure that a potential hacker can’t access sensitive information, even if they intercept hash keys in transmission.
Browser and Location Tracking
The VPN report above found that 49% of VPN users in the US use a VPN for anonymous browsing. That’s one of the key benefits you can expect if you set up a VPN.
A VPN establishes a tunneled connection between your device and the target server. It puts your data in a secure packet before encapsulating it in another data packet, thus making it unreadable.
That means that no one can detect you online, not even your ISP (Internet Service Provider). No one can track your online activity or record your browser history.
A VPN will even mask your IP address, assigning you an IP of one of its servers, thus making it seem as if you were in a different geographical location. That’s particularly useful for keeping your home address private.
Remote Access to Work Infrastructures
Working remotely means having to access a corporate infrastructure remotely, which puts sensitive business data at risk. Many people fall victim to various cyberattacks, such as phishing, so they can additionally compromise work infrastructures.
Since VPNs create tunneled connections and encrypt data, they can provide secure remote access. They extend a private network over a public one, so it doesn’t matter where you are. As long as you enable your VPN connection, you’ll keep all your data away from prying eyes.
New Trends in the Industry
The VPN industry is one of those that rapidly push for innovations. Thus, you will notice that many new products tend to do more. For instance, some tools incorporate additional features, like data breach scanners or other tools. Now, even a free VPN and accomplish a lot. With most of them, you have the option of going premium whenever you like. However, their protection is robust regardless of whether you pay or not.
In Summary,
The VPN market is bound to keep growing for many years to come because utilizing a VPN is one of the best steps to safeguarding personal and sensitive information. A VPN will encrypt your internet connection, make you more anonymous online, and prevent anyone from targeting you and stealing or misusing your data.
Thus, getting a VPN is a wise decision, especially if you enjoy connecting to free Wi-Fi hotspots. However, the internet is dangerous, and accidental leaks or forceful traffic interception can have devastating consequences. Hence, it is better to stay safe than sorry, especially when so many VPN options are highly budget friendly.