Securing Financial Integrity: Advanced Data Encryption Strategies for Financial Transactions

Abstract

Data encryption plays a crucial role in safeguarding financial transactions against cyber threats, ensuring the confidentiality and integrity of sensitive data. Implementing robust encryption methods, such as Advanced Encryption Standard (AES) and Secure Socket Layer (SSL) encryption, alongside public key infrastructure (PKI) systems, is essential for protecting data in transit and at rest. This summary highlights the importance of adopting comprehensive encryption strategies to maintain the security of financial transactions and uphold consumer trust in financial institutions. This paper presents a comprehensive overview of the evolution of big data engineering practices and technologies upto 2022, as witnessed and contributed to by the author in roles at Capital One, Walmart, Bank of America, and Freddie Mac. It discusses the progression of data handling methodologies, the implementation of advanced encryption for data security, and the integration of machine learning for data analysis enhancement. Emphasis is placed on the significance of maintaining data integrity, the challenges of adapting to new technologies, and the practical outcomes of various projects. The insights aim to contribute to the broader understanding of big data's role in financial and retail sectors, highlighting the importance of continuous learning and adaptation in the field.