1 Independent Researcher, Massachusetts, USA.
2 The Global School, Worcester Polytechnic Institute, Massachusetts, USA.
3 WPI School of Business, Worcester Polytechnic Institute, Massachusetts, USA.
4 Independent Researcher, Federal Capital Territories, Nigeria.
5 Independent Researcher, Alimosho, Lagos, Nigeria.
Review Article
World Journal of Advanced Research and Reviews, 2024, 23(03), 2138-2147
Received 31 July 2024; revised on 08 September 2024; accepted on 10 September 2024
The study explores the significance of artificial intelligence (AI) in advancing encryption technologies, focusing on small and medium-sized businesses (SMBs) and their financial data security needs. As cyber threats evolve and quantum computing looms on the horizon, traditional encryption methods—such as symmetric encryption (AES) and asymmetric encryption (RSA)—are increasingly challenged. The study assesses how AI-driven encryption solutions address these challenges and enhance data protection.
Key objectives include reviewing the effectiveness of traditional encryption methods and comparing them with cutting-edge AI-powered approaches. The methods reviewed encompass homomorphic encryption, which allows for computations on encrypted data without decryption, quantum-resistant algorithms designed to withstand quantum computing threats, and adaptive encryption that adjusts security measures based on real-time risk assessments.
Major findings indicate that while traditional encryption methods remain foundational, they are often insufficient to address modern threats and future uncertainties. AI-enhanced solutions offer significant improvements, such as real-time threat detection, scalability, and adaptive security. In particular, homomorphic encryption and quantum-resistant algorithms present promising advancements for protecting sensitive financial data against emerging threats.
The study highlights the practical implications of integrating AI into existing encryption infrastructures, including potential cost implications, scalability challenges, and the need for compatibility with legacy systems. It underscores the importance of a hybrid approach, combining traditional and AI-driven encryption methods, to build a resilient and future-proof security framework for SMBs. This approach ensures robust financial data protection in a rapidly evolving digital landscape.
AI-powered encryption; Financial data security; SMBS; Homomorphic encryption; Symmetric encryption; Asymmetric encryption; Cybersecurity
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Samuel Omokhafe Yusuf, Amarachi Zita Echere, Godbless Ocran, Justina Eweala Abubakar, Adedamola Hadassah Paul-Adeleye and Peprah Owusu. Analyzing the efficiency of AI-powered encryption solutions in safeguarding financial data for SMBs. World Journal of Advanced Research and Reviews, 2024, 23(3), 2138-2147. Article DOI: https://doi.org/10.30574/wjarr.2024.23.3.2753