Week 4 - How to safeguard the personal and financial data

There are few ways to safeguards our personal and financial data, these are authentication, encryption, digital signature and so on.
Authentication is the act of establishing or confirming something (or someone) as authentic, that is, that claims made by or about the subject are true. This might involve confirming the identity of a person, the origins of an artifact, or assuring that a computer program is a trusted one. One familiar use of authentication and authorization is access control. A computer system supposed to be used only by those authorized must attempt to detect and exclude the unauthorized.
encryption is the process of transforming information (referred to as plaintext) using an algorithm (called cipher) to make it unreadable to anyone except those possessing special knowledge, usually referred to as a key. The result of the process is encrypted information (in cryptography, referred to as ciphertext). In many contexts, the word encryption also implicitly refers to the reverse process, decryption (e.g. “software for encryption” can typically also perform decryption), to make the encrypted information readable again (i.e. to make it unencrypted).
A digital signature or digital signature scheme is a type of asymmetric cryptography. For messages sent through an insecure channel, a properly implemented digital signature gives the receiver reason to believe the message was sent by the claimed sender. Digital signatures are equivalent to traditional handwritten signatures in many respects; properly implemented digital signatures are more difficult to forge than the handwritten type. Digital signature schemes in the sense used here are cryptographically based, and must be implemented properly to be effective. Digital signatures can also provide non-repudiation, meaning that the signer cannot successfully claim they did not sign a message, while also claiming their private key remains secret; further, some non-repudiation schemes offer a time stamp for the digital signature, so that even if the private key is exposed, the signature is valid nonetheless. Digitally signed messages may be anything representable as a bitstring: examples include electronic mail, contracts, or a message sent via some other cryptographic protocol.