Computer Science · Cyber Security

Consider the following statements regarding data security in banking: Statement 1: Data Encryption is the process of converting plain text into a scrambled format known as cipher text using mathematical algorithms and a secret key, so that only authorized parties can read the information. Statement 2: The Reserve Bank of India mandates that banks must use strong encryption protocols (such as minimum 256-bit AES encryption) for protecting critical data at rest and in transit. Statement 3: In a modern banking security setup, the bank's server stores the customer's actual internet banking password in a plain text format within the main database to allow for quick retrieval and verification during the login process. What is the correct evaluation of these statements?