What are the common encryption methods used in financial services?
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What are the common encryption methods used in financial services?
Common encryption methods in financial services include AES, RSA, and TLS. AES is widely used for data at rest, while RSA is often used for secure data transmission.
How does AES encryption work?
AES, or Advanced Encryption Standard, uses symmetric key encryption, meaning the same key is used for both encryption and decryption. It operates on fixed block sizes of 128 bits.
What is the difference between symmetric and asymmetric encryption?
Symmetric encryption uses the same key for both encryption and decryption, while asymmetric encryption uses a pair of keys: a public key for encryption and a private key for decryption.
Why is encryption important in financial services?
Encryption is crucial in financial services to protect sensitive data, ensure privacy, and maintain trust between customers and institutions.
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