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An encryption algorithm is a component for electronic data transport security. Actual mathematical steps are taken and enlisted when developing algorithms for encryption purposes, and
varying block ciphers are used to encrypt electronic data or numbers.
Encryption algorithms help prevent data fraud, such as that perpetrated by hackers who illegally obtain electronic financial information. These algorithms are a part of any company’s risk management protocols and are often found in software applications.
Encryption algorithms assist in the process of transforming plain text into encrypted text, and then back to plain text for the purpose of securing electronic data when it is transported over networks. By coding or encrypting data, hackers or other unauthorized users are generally unable to access such information. Some encryption algorithms are considered faster than others, but as long as algorithm developers, many of whom have math backgrounds, stay on top of advancements in this technology, this type of encryption should continue to flourish as hackers continue to become more sophisticated.
In 1977, RSA became one of the first encryption algorithms developed by U.S. mathematicians Ron Rivest, Adi Shamir and Len Adleman. RSA has had ample staying power as it is still widely used for digital signatures and public key encryption. Encryption algorithms can vary in length, but the strength of an algorithm is usually directly proportional to its length.