Is zero trust security good or bad for financial institutions?
The network perimeter has changed significantly with the advent of the cloud. Both inside and outside the moat are equally likely to include users and apps. The perimeter now has holes that bad actors may take advantage of. Once within the moat, lateral movement is frequently unrestricted, allowing enemies to get access to resources and valuable assets like customer data.
No matter if they are within or outside the network perimeter, the Zero Trust model requires robust authentication and authorization for each device and user before any access or data transfer occurs on a private network. Find out if Zero Trust Security is advantageous or disadvantageous for financial firms in this article from SmartOSC Fintech.
What is the Zero Trust model?
No person or device within or outside of an organization’s network should be given access to connect to IT systems or workloads unless it is explicitly considered required, according to the zero trust network security approach. It essentially means there is no implicit trust.
No person or device is trusted to access a resource under the Zero Trust Security paradigm until their identity and authorization are confirmed. This procedure is applicable to those who are often within a private network, such as a worker using a corporate computer from home or a mobile device while attending a conference halfway around the world.
Key capabilities for implementing Zero Trust
- Visibility of on-premises, cloud, and IoT settings
- Network flow management for all assets
- Verification of identity and capability to authorize cloud access
- Application-layer segmentation as well as network segmentation
- Multi-factor authentication is one type of authentication and permission (MFA)
- Detailed access rules (application access vs. access to the entire network)
- Access by least privilege for all applications (IaaS, SaaS, and on-premises)
- Minimizing the use of firewalls and VPNs
- Insertion of services
- The edge of security
- Application performance improvement
- Enhanced defense against advanced threats
- Capacities for automation and integration
Key benefits of Zero Trust
Help ensure network trust and thwart malicious attacks
Without the complexity of traditional methods, IT teams must make sure that people and devices can connect to the internet securely, regardless of where the access request originates.
Additionally, they must proactively detect, stop, and mitigate specific threats including malware, ransomware, phishing, DNS data espionage, and sophisticated zero-day vulnerabilities for users. In addition to lowering the risk of infection, Zero Trust Security helps strengthen security postures.
Provide secure application access for employees and partners
Traditional access technologies, such as VPN, rely on outdated access management concepts, making them especially vulnerable to breaches caused by user credentials that have been hijacked.
To keep the organization safe while yet offering quick and easy access for all users, including third-party users, IT needs to reevaluate its access strategy and technology. Through the use of granular security controls, Zero Trust Security may lower risk and complexity while providing a consistent user experience.
Reduce complexity and save on IT resources
Enterprise access and security are intricate and dynamic. Traditional business systems need days (and can involve several hardware and software components) for changes and installations, eating up precious resources. Architectural complexity can be reduced by using a Zero Trust Security paradigm.
In the past, many businesses used the “verify, then trust” paradigm, which stipulated that if a user presented valid user credentials, they would be granted access to the requested website, app, or device. Zero Trust Security is currently required inside certain digital infrastructures where individuals, devices, applications, and data are present. If you have any questions, please contact SmartOSC Fintech for more information!