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Enterprise Security Magazine | Monday, July 04, 2022
With changing organizational environments and the emergence of data-driven technology, banks must reevaluate their cybersecurity requirements on a fundamental level. A Zero Trust strategy enables institutions to futureproof the security of their digital assets.
Fremont, CA: The bank's most precious asset is the trust of its customers. However, this confidence is at stake in terms of cybersecurity. In the financial business, cyberattacks are getting increasingly frequent and sophisticated. Banks are attractive targets due to their size and the fact that they conduct significant transactions. The proliferation of smart devices, 5G, edge computing, analytics, and artificial intelligence leads to an increase in data and connections and the attack surface. Due to the rapid development of enterprise IT infrastructures and the constant adaptation of cybercriminals to new situations, it is crucial that security departments stay up with the continuously evolving threat and IT landscapes.
Zero Trust for futureproofing the banking industry
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In many organizations, incidents motivate investments in cybersecurity. Zero Trust, on the other hand, necessitates a thorough reevaluation of the organization's approach to cybersecurity and the supporting skills, processes, and technology. The Zero Trust principle is always handling your infrastructure as though it has been compromised. It believes no user, workload, device, or network can be trusted intrinsically. Every access request is checked against all accessible data points, such as the user's identity, device, location, and other characteristics. This might result in both the tightening of existing cybersecurity policies and the implementation of new ones. As part of Zero Trust, further simplification, integration, and automation of the security technology stack improve the efficiency of security teams and expedite security procedures and operations.
Google, Microsoft, and Netflix, among others, have already implemented a Zero Trust strategy for cybersecurity across their whole organization. This is more difficult for banks to do, as they frequently lack a unified IT landscape and must contend with legacy systems resulting from mergers. However, technology businesses offer best practices that banks can follow, such as least-privileged access, micro-segmentation, and automatic identification of suspicious behavior based on trust scores.
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