Research Project Description: We have been looking at the advancement of encryption standards over the years. In today’s locked down world with almost everyone working remotely, new challenges that
ENCRYPTION IN BANKING SECTOR
Cryptography applies to any field irrespective of the sector. Every sector is digitalized and now-a-days working closely with advanced technology and transactions are happening with a single tap and touch. In this era of happening everything possible at fingertips on our mobile many hackers have been trying to hack the information that is sensitive and work for their personal or any other need and giving the possibility for a harmful act to happen which would cost millions to a company. There are many breaches that happened in recent year due to less effective encryption systems.
In this paper we would like to mention about banking sector that handles sensitive data like bank accounts, social security, millions of money and millions of transactions happening every single hour. It is crucial to protect the privacy and confidentiality of the information. This requires lot of planning and involvement of lot of departments to handle the secure environment of data. This paper deals with the difficulties involved in a banking sector and how they could be overcome using various encryption methods, algorithms, website hosting , various plans that banking company , regulations that a banking company has to comply with authentication methods, access controls that has to be taken care to overcome attacks from hackers.
Introduction
Data hosting generation and protection
• Websites
• Cloud storage
• Data base
Threat factors
Vulnerabilities
Authentication
Encryption forms
Biggest challenges faced by the company
Peer companies that face the issues with threats, vulnerabilities
Scope of adapting to new methods available and their application to the banking sector
Methods to protect information and testing
Expected outcomes
Conclusion
