Types of Networks in Virtual Machines - Better definitions

Bridged Network

The Virtual Machine will connect directly local network using same connection as the host system.

NAT - Network Address Translation 

The Virtual Machine sets up a local private network on the host machine.
The private network translates outgoing traffic from the virtual machine to the local network


Host Only 

It limits the virtual machine to the local private network on the host system. All other VM's connect together, but it will not able to send or receive the traffic with local network or Internet


Source:  Penetration Testing book written by Georgia Wiedman

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