🔐 Data Encryption in Finance
Protecting sensitive data with modern encryption methods to ensure trust, compliance, and security in financial systems.
What is Data Encryption?
Encryption converts readable data into an unreadable format using algorithms and keys. Only authorized parties with the correct key can decrypt and access the original information.
How Encryption Works
- Data is encrypted using unique encryption keys.
- Encrypted data is stored securely.
- Authorized users decrypt using valid keys.
- Ongoing monitoring prevents unauthorized access.
Real-Life Applications
Online Banking
Digital Payments
eKYC & Identity Verification
Challenges & Risks
High costs, complex key management, and potential performance issues are common challenges organizations face when implementing encryption.
Regulatory Compliance
RBI IT Guidelines
PCI DSS
GDPR
Best Practices
- Use strong algorithms (AES, RSA).
- Regularly rotate and update keys.
- Secure storage and management of keys.
- Encrypt data both in transit and at rest.
- Perform regular security audits.