In recent years, the leak of examination papers has emerged as a significant issue, raising concerns about data security and the integrity of academic and professional assessments. Traditional encryption methods, while effective, are vulnerable to single points of failure and unauthorized access. Ensuring the confidentiality of question papers is necessary in this digital age. Multiparty decryption is resistant to a single point of failure but is impractical as it requires the involvement of all the parties for decryption. A more practical solution is threshold decryption, where at least t out of n users are required. Still, it is not fully secure. It depends on a central authority for the secret key generation and distribution for decryption. Also, for the case when the question paper is long, it would incur a huge computation cost. In order to overcome these issues, a hybrid encryption scheme with symmetric encryption for the encryption of examination papers and asymmetric encryption for secure key exchange has been introduced. A thorough analysis of the theoretical as well as experimental performance of the scheme has been proposed in this work. The maximum average execution time of the scheme is shown to be 151 ms with a 512-bit key size, which shows that the algorithm is suitable for even a small-scale examination system and does not require high compute systems. In order to gain a thorough understanding of the current scenario of the examination conduction process, experts in security, industry, and faculties were approached. Various cryptographic processes are integrated at every stage to ensure a secure system. Thus, this scheme is computationally feasible and ensures confidentiality by preventing unauthorized access to the examination papers and thus can be applied to online and hybrid examination systems.