Cloud computing has completely revolutionized the way of data storage and management in a scalable environment with cost efficiency and scalability. However, the shift from physical to cloud infrastructure raises significant concerns related to security. The major security issues in cloud storage are: data breaches, unauthorized access, hacking of data, and insider threats, various types of cyber-attacks, etc. Many advancements have been made in cloud security but despite that several challenges still exist. Many security frameworks rely on third-party providers creating potential risks of data exposure. This paper addresses these challenges by proposing an approach for secure file storage in the cloud having multiple layers of security. The key derivation for encryption is done uniquely and then AES-256 is used for encryption and decryption. At the time of decryption, OTP authentication is done using RSA signing which provides multi-factor authentication. The method can also be used to encrypt all multimedia data. To provide security, the file password and OTP information are not stored in any database. The proposed work provides a very secure data storage solution that protects the data from any kind of brute-force attacks and other cryptanalysis attacks.