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Symmetric Key Encryption - why, where and how it’s used in banking

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In today’s cyber-world there is an ever-present risk of unauthorized access to all forms of data. Most at risk is financial and payment system data that can expose the personally identifiable information (PII) or payment card details of customers and clients. Encryption is essential for protecting PII and mitigating the risks that businesses, which process payment transactions, face every minute of every single day. This article discusses symmetric encryption in banking, its benefits, and some key management challenges. Symmetric encryption is a type of encryption where only one key (a secret key) is used to both encrypt and decrypt electronic data. The entities communicating via symmetric encryption must exchange the key so that it can be used in the decryption process. This encryption method differs from asymmetric encryption where a pair of keys - one public and one private - is used to encrypt and decrypt messages. By using symmetric encryption algorithms, data is "scrambled" so th

Symmetric Key Encryption: Uses in Banking Explained 4 min read Symmetric Key Encryption - why, where and how it’s used in banking --> Cryptomathic : modified on 03. January 2020 Key Management Banking Crypto-Agility Symmetric Encryption In today’s cyber-world there is an ever-present risk of unauthorized access to all forms of data. Most at risk is financial and payment system data that can expose the personally identifiable information (PII) or payment card details of customers and clients. Encryption is essential for protecting PII and mitigating the risks that businesses, which process paym

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