International Journal of Recent Technology and Engineering (IJRTE) ISSN: 2277-3878, Volume-7 Issue-5, January 2019 356 Published By: Blue Eyes Intelligence Engineering & Sciences Publication Retrieval Number: E2072017519/19©BEIESP A Novel Cryptographic Data Security Approach for Banking Industry to Adopt Cloud Computing Kanika Tyagi, Anuranjan Mishra, Mayank Singh Abstract: As the advancement in technology ,banking industry is facing several changes. Customer is now at the driving seat of new financial industry scenario as the whole control is now in the hands of customer. Due to the prospering technology, traditional banking has totally changed. Banks need to establish a new customer driven environment with innovation in business models .Being a most trending technology many organizations wants to adopt clouds as a cost effective strategy ,to provide innovative client services and to increase and manage IT efficiency .But banking industry still have some issues such as security ,privacy ,compliance and authenticity which somewhere produces an obstacle to adopt this flexible and agile technology. So there is a need for some mechanism which can provide a secured cloud environment in banking industry. This paper presents a mechanism to secure the cloud in banking industry by combining some algorithms viz; Password Based Key Derivation Function (PBKDF2),Argon2, AES-256 and IDA algorithm. This paper also shows features of clouds and security challenges of clouds in banking industry. Keywords: PBKDF2, Argon2,AES(Advanced Encryption Standard),IDA(Information Dispersal algorithm) I. INTRODUCTION Cloud computing basically strike the idea of storing and managing data on virtualized servers so that customer and organization can access the data all over the world from anywhere at anytime. But banks cannot afford the risk of security breach since security of personal and financial data is topmost priority for banks .Therefore to move banks into cloud computing environment it is essential that security issues should be considered first. There are some features of adopting cloud in the banking industry: Reduce expenses: Adoption of cloud in banking industry lead to a cost effective method. While a bank uses a cloud computing, there is no need to invest a large amount in new hardware and software[1]. Beside that as we know that in cloud qe uses pay per used technique which enables to pay only for the needed resources[2]. Improves flexibility and scalability: Cloud enables banking industry to respond as per the user’s demand [3]. Technology can be scale up and scale down as per the changing market scenario. Revised Manuscript Received on December 30, 2018. Kanika Tyagi, Research Scholar, Noida Internatiinal University. Dr. Anuranjan Mishra, Professor and Director, Accurate Institute of Management & Technology, Greater Noida. Dr. Mayank Singh, Professor and Head, Department of Computer Science and Engineering, Krishna Engineering College, Ghaziabad. Business Regulation: If a bank uses cloud, there are less chances of data loss due to fire, disaster and theft [2]. Cloud computing provides a high degree of data backup and recovery. Improves client relationship: Having unlimited computing powers, cloud build strong relationship with customers. Transaction banking enables buyers and sellers share a same plateform so that the payment process becomes more efficient. [3] But when a bank moves into cloud environment it faces many challenges. Security: While banks keep their data over cloud then security of commercial and personal data is at stake. Banks cannot allow the risk of security breaches [4]. Data segregation: As we know that data on clouds is stored globally dispersed environment so there are many chances for data loss which cause an obstacle [6] to adopt this prospering technology. Data location: When customers use cloud technology they have no idea about data location [6] . Dispersed location of data lead to lack of control on data and it is very risky for customers. Regulatory Compliance: Customers are basically liable for the security of their data even when traditional service providers most lean towards external audits and security certificates [5] . Certain compliance arrangement want that data should not be mixed with other data on shred servers. Trust: There should be trust between human to machine, Human to human and machine to human [7]. If a user places his crucial data on cloud then it is only because of trust. Data Recovery: It means the process of attaining the data that has been lost, corrupted or accident [6]. Privacy and Confidentiality of data: It refers to the trait that data is not accessible to the unauthorized user [7]. In other words only authorized user can access the data and use any sensitive data and can take any information out of that data. Data integrity: It means that our data on cloud does not contain any tempering and alteration[7].