Whenever you transfer data from one device to the other, there is always the risk of someone trying to get unauthorized access to it. With the help of such data breaches, hackers can also get access to your financial and personal information, and use that against you. Because of this very reason, many businesses related to the financial industry are made to use encryption in order to keep their activities and users safe.
In this article, we’ll talk about the role of symmetric encryption in banking applications. Moreover, a few advantages will also be discussed.
In this type of encryption, only one key is used to secure the data, and to later decrypt it as well. Both the sender and the receiver have to share the same key in order to encrypt and decrypt the message at both ends. On the other hand, asymmetric encryption happens with the use of two different keys.
When data is encrypted with the help of symmetric encryption, it is distorted in such a way that no one without the key can decrypt it. Whenever the receiver receives the message, the secret key on their device decrypts the message and displays the information in front of them. In the banking sector, a random number generator is used to create the security.
Let’s take a look at the best use cases for symmetric cryptography or encryption.
- Generating random numbers for encryption purposes.
- Protecting personal identifiers in financial transactions and applications.
- Validating the personal identity of the sender and making sure that you are receiving messages from the right person.
IZpSymmetric encryption is one of the oldest methods of encryption used in today’s technology. However, it is one of the fastest methods of encryption as well. This is the main reason why it is still being used in lots of financial applications.