CIPT (Certified Information Privacy Technologist) Practice

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What does Basel III mandate for EU companies concerning encryption?

Hashing of financial data

Symmetric encryption of financial data

Basel III mandates that EU companies should use symmetric encryption for financial data. Symmetric encryption involves using the same key to both encrypt and decrypt the data, making it efficient for large amounts of data. Hashing is not encryption but a one-way function used for data integrity. Asymmetric encryption involves different keys for encryption and decryption, which is not mandated by Basel III. Public key encryption is a form of asymmetric encryption, so it is also not the mandated encryption type according to Basel III.

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Asymmetric encryption of financial data

Public key encryption of financial data

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