Remote DB Access Security

I have set deployed my application in shared hosting environment.
I have, currently, configured connection to remote sql server db in
web.config.

My concern is,

1) Since db username/password is in web.config, is there a way for
someone to see it?
2) Can the password be intercepted during network communication? Is
encryption deterent to password interception? How do you specify it?

Considering my operating environment, is there more secure sql server
db access configuration?

Thanks in advance

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