Encryption and Hashing are methods from Cryptography practices. For more details about Cryptography visit the Wikipedia page link.
What is Encryption?
Encryption is the process of encoding or scrambling data using a secret code so that only parties with right key can decode/unscramble it.
Common encryption techniques are:
Asymmetric Encryption: Also known as Public Key encryption. In this method one encrypts and other key decrypts. Real time example: SSL/TLS.
DSA (Digital Signature Algorithm)
Symmetric Encryption:Symmetric encryption is the oldest and best-known technique. A secret key, which can be a number, a word, or just a string of random letters, is applied to the text of a message to change the content in a particular way.
DES (Data Encryption Standard)
AES (Advanced Encryption Standard)
What is Hashing?
Hashing is the transformation of a string of characters into a usually shorter fixed-length value. It is deterministic so the same message always results in the same hash. It’s a one way technique. Applications: Password verification, Fingerprinting, etc..
The OWASP Top 10 is a regularly-updated top 10 most critical risks for web application security. The report is put together by a team of security experts from all over the world. OWASP recommends that all companies must incorporate the report into their processes in order to minimize security risks with their applications.