Practical analysis of searchable encryption strategies for financial architecture

Abstract

The trend of storing information on servers in the cloud raises serious security concerns since the increasing number of breaches has resulted in the theft of private data from millions of users. In case of fields like finance, where data privacy is a priority, encryption techniques are analyzed to offer certainty to the customers. A solution for this problem may be searchable encryption, a concept that permits encrypting data locally, moving it to a remote server and then performing operations directly on the ciphertext without decryption. In this paper, we implement four prominent searchable encryption techniques and thoroughly evaluate their performances for various use case scenarios in finance.