“We value your privacy.”
If you are a paying customer of even a single product or service, we are sure you have heard this phrase. But what exactly does it mean? And how does it imply that your information and data are safe with big corporations?
These questions are scary enough to ponder when it comes to personal information, but it is doubly so when it comes to your money. So, we thought we’d help you understand how exactly your data and money stays safe in the cyber world today.
What is Data Encryption?
Let’s start with the most important question on your mind – what is encryption, to begin with? Encryption is a way in which data is codified to hide its real contents. Let us put it like this – if you were to see encrypted data, you would feel like the first ever archaeologist who came across hieroglyphics in the Great Pyramids of Egypt. You would be able to make absolutely no sense of it!
A simple example – The word “Investment”, when encrypted, may look something like this – “BdghsjHI+hs=”.
Encrypted data can only be decoded, and its information can only be understood by authorized parties. Further, data that has been encrypted can only be decoded by the use of a cryptographic key, i.e., “secret values used by a computer together with a complex algorithm to encrypt and decrypt data” (Britannica).
So, if we go back to our “investment” example from before, this is what encryption can look like –
Now that we’ve wrapped up with this delectable appetizer introducing us to the world of encryption, let’s move on to our main course.
Since cyberspace became a very real part of our world, there have been constant waves of evolution in the tech and cybersecurity space. Encryption is not exactly a new kid on the block and while there are many different types and levels of encryption, the only one we need to focus on is 256-bit AES (Advanced Encryption Standard) encryption. This is an encryption algorithm that codifies blocks of data at a time, using cryptographic keys that might be 128-, 192-, or 256-bit long.
256-bit encryption, which is a form of AES encryption that uses a 256-bit Cryptographic Key to encrypt and decrypt the data. Why is this useful? This is useful because a key with a length of 256 bits supports the largest bit size. It is practically unbreakable, making it the strongest encryption standard available today.
We found a good example of how to break it down for you even further.
256-bit encryption requires 2^256 different number combinations. So there are:
That number is so huge it took us a line and a half just to write it! This huge number of combinations is exactly what makes this kind of encryption a safe option, especially when it comes to your investment and other financial undertakings.When you are trying to save money for investing, it goes without saying, that you want your money to be as secure as possible, and this is why most banking systems use 256-bit AES encryption to secure and protect their customers’ money.
We, at the Deciml App, also use 256-bit encryption to make sure that your investment is safe with us. Your hard-earned money and subsequent savings are of utmost importance to us, and we want your investing journey to be safe, secure, protected, and completely seamless.
So if you had any reservations about investing with regards to data protection, rest assured – at Deciml, 256-bit encryption is on the (uncrackable) case 🙂