When financial institutions store data in the cloud, they use different kinds of encryption depending on security and workflow requirements, according to a new report from CipherCloud.
Of 50 major global financial institutions studied, 40 percent use tokenization for highly sensitive personally identifiable information, 15 percent for less sensitive finance data, 13 percent for least sensitive personally identifiable information, and none for non-critical business data.
Tokenization typically uses randomly-generated codebooks to encode the data. It’s impervious to cryptanalysis and is used in countries with data residency requirements, to reduce the require scope of compliance audits, and for the most critical information.
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