Secure IoT-Cloud Framework for Banking: Enhancing Data Storage and Transactions with Cryptographic Authentication

Ensuring strong data security and accuracy has become a crucial concern due to the quick growth of Internet of Things (IoT) applications in cloud-based environments, particularly in delicate industries like banking. This research presents an advanced cryptographic framework that enhances IoT-based cloud security providers by integrating modern encryption algorithms and authentication mechanisms. In order to guarantee end-to-end data confidentiality, integrity, and accuracy, the suggested method makes use of hybrid cryptographic approaches such as Elliptic Curve Cryptography (ECC), Advanced Encryption Standard (AES), and Blockchainbased hashing. The system uses identity-based encryption (IBE) and multi-factor authentication (MFA) to further improve security by preventing unwanted access and maintaining data accuracy during transactions and storage. The framework is made to withstand common cyberthreats such data breaches, unauthorized changes, and man-in-the-middle (MITM) attacks. A comparative performance analysis is conducted against traditional security models, demonstrating the enhanced accuracy, low latency, and improved computational efficiency of the proposed system. The findings suggest that integrating cryptographic algorithms within IoT-cloud infrastructures significantly improves data security and reliability, ensuring trustworthy banking transactions and storage. This research aids in the creation of a high-performance, scalable security model that fits the changing needs of financial institutions and cloud service providers.