Case Study Scenario: You are a cybersecurity expert working for a financial institution that handles sensitive customer data and financial transactions. Your organization is concerned about data security and compliance with data protection regulations. You've been tasked with implementing cryptography to protect sensitive data and ensure secure communications. Question: Given the scenario, could you describe the cryptographic techniques and protocols you would recommend for ensuring data security and privacy in this financial institution? Additionally, what are the key considerations in managing cryptographic keys and ensuring compliance with data protection regulations, such as GDPR or HIPAA, in the context of financial services?