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Hi,
In my opinion, if your EC2 instances are in a private subnet and the security groups are set in place, you are secure. At some point in the flow of traffic from the client to the final destination on the EC2 instance, your traffic will be decrypted, so its a matter of personal choice as to whether or not you feel that a private subnet within a VPC is considered "secure" enough. Note: if you are in a heavy regulated industry, such as banking, then you will be required to add encryption on the backend. You can find many links online debating this topic. Here is one from security.stackexchange.com.
https://security.stackexchange.com/questions/30403/should-ssl-be-terminated-at-a-load-balancer
Hope this helps a bit,
-randy
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