Data Privacy and System Security for Banking on Clouds using Homomorphic Encryption

In recent times, the use of cloud computing has gained popularity all over the world in the context of performing smart computations on big data. The privacy of sensitive data of the client is of utmost important issues. Data leakage or hijackers may theft significant information about the client that ultimately may affect the reputation and prestige of its owner (bank) and client (customers). In general, to save the privacy of our banking data it is preferred to store, process, and transmit the data in the form of encrypted text. But now the main concern leads to secure computation over encrypted text or another possible way to perform computation over clouds makes data more vulnerable to hacking and attacks. Existing classical encryption techniques such as RSA, AES, and others provide secure transaction procedures for data over clouds but these are not fit for secure computation over data in the clouds. In 2009, Gentry comes with a solution for such issues and presents his idea as Homomorphic encryption (HE) that can perform computation over encrypted text without decrypting the data itself. Now a day’s privacy-enhancing techniques (PET) are there to explore more potential benefits in security issues and useful in historical cases of privacy failure. Differential privacy, Federated analysis, homomorphic encryption, zero-knowledge proof, and secure multiparty computation are a privacy-enhancing technique that may useful in financial services as these techniques provide a fully-fledged mechanism for financial institutes. With the collaboration of industries, these techniques are may enable new data-sharing agreements for a more secure solution over data. In this paper, the primary concern is to investigate the different standards and properties of homomorphic encryption in digital banking and financial institutions.