The Implementation Of Zero Trust Architecture In Financial Services : VOROR

 

The Zero Trust approach stems from the ‘never trust, always verify’ principle that’s basically the driving force of this architectural security policy.

 

While Zero Trust architecture in financial services is designed to protect modern environments and enable digital transformation with the assistance of a strong authentication method, its Layer 7 threat protection mechanism reinforces the policy further.

 

The realisation that traditional models of security operate under the impression that everything inside an organisation’s network can be trusted isn’t the most suitable approach to be followed, especially when it involves a financial institution.

 

As an organisation in the financial sector, it’s essential to remove this implicit trust. Implicitly trusting an organisation’s network means that the network is openly frequented by employees, threat actors, and malicious insiders.

 

Having such an easily accessible organisational network allows individuals with malicious intentions to exfiltrate and access sensitive information due to the lack of granular security controls.

 

How different are traditional network architectures from Zero Trust architectures?

 

Traditional network architecture will typically trust any approved IP addresses, ports, and protocols that allow the network to validate trusted devices, which usually includes anyone who connects through a remote VPN.

 

Zero Trust architecture in financial services aims to limit the use of traditional network architecture by treating all traffic as a threat, even if it’s within the perimeter. Hostility is eliminated by a set of attributes that have to be validated before further communication is allowed.

 

Identity-based validation policies, such as fingerprints, are a preferred security method as they are stronger, travel with the workload, and can easily be accessed.

 

How can financial services benefit from the Zero Trust policy?

 

The UK’s Financial Conduct Authority reported a 50%+ increase in cyber incidents in the financial sector in 2021 when compared to 2020.

 

While some of these incidents can be linked to system failures and employee errors, it doesn’t mean that the surface area for a cyberattack on a financial institution is smaller.

 

With a growing hybrid workforce, migration to the cloud, and transformation of security operations, it’s critical that an institution in the financial sector adopts the Zero Trust approach.

 

But how can a financial organisation benefit from a Zero Trust policy? Put simply, a Zero Trust policy will:

 

●        Instantly increase levels of security

●        Reduce any security complexities

●        Decrease operational overheads

 

Financial institutions can benefit from a Zero Trust approach through the implementation of the following security protocols:

 

1.       Multi-factor authentication is where a user is granted access to a system by presenting two or more authentication factors to an authentication mechanism

2.       Least privilege access is when a user is given just enough access to the network to complete their job functions

3.       Device access controls are when the number of users who have accessed the network is monitored and when it is ensured that every device is authenticated

4.       Security policy creation allows a financial institution to create a universal cyber defence policy

5.       Micro-segmentation allows an organisation to segment its security perimeters and designate security controls for each segment

 

What are the steps involved when implementing Zero Trust architecture in financial services?

 

1.       Identification

This refers to identifying the network’s most valuable and critical data, assets, applications, and services which helps prioritise a starting point and create the security policies.

 

2.       Understanding the users

This refers to prioritising the requirements of users, what applications they use, and how they connect to enforce a policy that ensures secure access to sensitive assets.

 

Once the requirements for implementing a Zero Trust policy are complete, any financial institution will begin to experience the core values that the policy stands for.

 

●        Constant verification to indicate that all network operations are conducted without depending on trusted devices or credentials

●        Limited impact of an attack in the event of an attempted breach and providing a substantial response time to come up with a solution

●        Automated responses allow the organisation to have access to reliable real-time data

 

Zero Trust architecture in financial services can help reinforce cybersecurity

 

Implementing cyber defence mechanisms, especially for financial institutions, needs to be practised more frequently.

 

While the complete elimination of a security breach can never be guaranteed, Zero Trust for financial services is the ideal mechanism.