List the different encryption types, each benefit, risks/cost and your recommendations

 

Kindly check the explanation section for the answers

Step-by-step explanation

There are two types of encryption: 

1. Symmetric encryption
2. Asymmetric encryption  

Benefits of symmetric encryption 

1. It is secure.
2. Relatively fast

Disadvantages of symmetric encryption

1. Key sharing with the intended person is a problem.
2. Damage can be caused in case the key is intercepted before reaching the intended recipient.

Advantages of Asymmetric encryption. 

1. There is no need to exchange keys hence eliminating the key distribution issues
2. It is more secure than symmetric encryption since there is no need to transmit the private keys.

Disadvantages 

1. It is relatively slow.
2. It is somewhat more expensive as compared to symmetric encryption.

Recommendations

Asymmetric key eliminates the issues of sharing keys and hence increasing the security of the information being transmitted. As far as safety is concerned, Asymmetric encryption should be considered. However, symmetric encryption should be chosen in cases where high speed and low costs are required.