A novel cryptographic data security approach for banking industry to adopt cloud computing

Abstract

As the advancement in technology,banking industry is facing several changes. Customer is now at the driving seat of new financial industry scenario as the whole control is now in the hands of customer. Due to the prospering technology, traditional banking has totally changed. Banks need to establish a new customer driven environment with innovation in business models.Being a most trending technology many organizations wants to adopt clouds as a cost effective strategy,to provide innovative client services and to increase and manage IT efficiency.But banking industry still have some issues such as security,privacy,compliance and authenticity which somewhere produces an obstacle to adopt this flexible and agile technology. So there is a need for some mechanism which can provide a secured cloud environment in banking industry. This paper presents a mechanism to secure the cloud in banking industry by combining some algorithms viz; Password Based Key Derivation Function (PBKDF2),Argon2, AES-256 and IDA algorithm. This paper also shows features of clouds and security challenges of clouds in banking industry.