The last few decades have witnessed technology progress with leaps and bounds leading to the creation and global adoption of different types of digital devices and platforms that can make personalized recommendations to an individual. One of the consequences of the ubiquity of these devices is the daily generation of data in large quantities. This data includes the sensitive data of an individual as well as multinational organizations and therefore, it must be always kept confidential to prevent its theft and misuse by malicious parties. However, the large volumes of data generated make it difficult to create a robust security solution to safeguard the data from different types of cyberattacks. The paper contributes to the data security industry by consolidating numerous data security algorithms that change with the infrastructure that the data is amid and also outlines the regulations surrounding it. This review paper also aims to highlight the benefits and drawbacks of the security algorithms proposed by researchers to encourage further discussion and consideration of the algorithms for their potential implementation in appropriate domains and also inspire them to develop more powerful and robust security algorithms to cover the drawbacks of the existing ones.