A Robust Security Strategy Using Hybrid Cryptography Approach to Protect Data in the Financial Sector

Abstract

Ensuring data security has become an imperative aspect across various sectors particularly with the sensitivity of the financial sector. Electronic Banking (E-Banking) serves as a fundamental conduit for accessing information about banks and their services through the Internet. The security of financial data is crucial for building and maintaining customer trust. However, emerging threats are gradually increasing to breach the data in the financial sector. The developed methodology fails to fully protect data against increasingly sophisticated cyberattacks with higher efficiency of the performance. To address these challenges, this work proposed an innovative hybrid cryptography approach designed to strengthen digital data protection in the financial sector. The hybrid cryptography technique combined with proposed Modified IDEA (M-IDEA) with a 512-bit key size, and a Double Secure RSA (DS-RSA) methodology to enhance data protection in the financial sector. Additionally, this work introduces a novel method for generating keys in multi-party authentication systems. The work presents the innovative encryption and decryption methodology for encrypting and decrypting authentication keys and data files. The performance of the suggested hybrid cryptography methodology compared with the traditional methodology showcases its potential advancements in data security. The outcome of the proposed key generation technique varies from 0.60656 to 3.83477 seconds of the prime numbers 2 to 10. Furthermore, the encryption process time fluctuates between 0.62702 and 19.69348 seconds with file sizes of 0.12 to 3.68 MB. Moreover, this research work extends the security defense strategy to address vulnerabilities related to sensitive data disclosure breaches and man-in-the-middle attacks on applications within the financial sector. Consequently, these advancements play a crucial role in bolstering the integrity of digital interactions and transactions in the domain of electronic banking.