How to protect SQL Server 2012 Backups on Standard Editions I understand that the password option to protect the SQL Server backups has been discontinued beginning with SQL Server 2012 and the feature to encrypt backups using certificates is available only from SQL Server 2014. So in such cases, are there any other In-Built options available to protect SQL Server backups that I might have missed?

TDE is only available on Enterprise editions. But am looking something for Standard Editions.
For SQL Server 2012 standard edition you do not have in-built option to protect the backups. You would either have to reply on third party tools like one provided by RedGate or you can use WinZip or 7Z  to Zip the backups with password.

PS: SQL Server 2014 standard edition do have option to encrypt the backups