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For any type of business, the occurrence of data breaches and fraud can be an alarming situation to handle. This is particularly the case to those within the financial services sector. In 2020 alone, the FBI reported that there was a 300% increase in reported cybercrimes. Tougher security measures should become a priority for your company, if they aren’t already. 

Without a reliable cybersecurity system, your business is at risk of facing a host of problems. When an attack occurs, hackers can lock you out of your own system, leading to the loss of valuable resources. This can also affect your credibility with your customers, and their faith in your organization to guard their financial assets.

As a means of preventing these scenarios from happening, your company must have the necessary security protocols implemented. Doing so will help protect your operations and client base. There are several methods you can use to improve your cybersecurity, and one of these data management solutions includes the zero trust model. 

What is Zero Trust Security?

Zero trust security is a security framework that treats all users or access requests as potential threats. By basing your cybersecurity strategy around the concept of “never trust, always verify”, you can dramatically improve the overall security of your system. Each access request must be verified, regardless of source: whether it’s a user, application, device, or data flow, all subjects requesting access must verify their identity. 

The framework itself is defined by multiple industry guidelines, including NIST 800-207 and Forrester’s extended ecosystem. It was developed to handle the increasing complexity of hybrid and fully remote work environments, where the reliance on a physical perimeter is becoming obsolete. Even in organizations that work entirely in-office, the use of cloud-based data services necessitates the use of a more robust security strategy. 

Zero trust security is an ideal security framework to protect the organization against information leakage, theft, and fraud.

Principles of the Zero Trust Security Model

This cybersecurity strategy takes system safety to a whole new level, which applies even to those already inside the network. This is because the model makes use of the following principles:

Re-evaluation of default access controls

The model thinks of all access attempts as attackers from both inside and outside your network. Because of this, each request must undergo various verification processes to access the system. Apart from authorizing access, the zero trust security model also authenticates and encrypts all cyber activities. 

Utilization of various preventative measures

With the zero trust model, you can use various preventative measures to minimize breaches and unwanted damages. These methods include identity protection, device discovery, multi-factor authentication (MFA), micro-segmentation, and many more. 

Constant monitoring and verification

Zero trust security ensures that all access attempts are heavily monitored to address any security vulnerabilities. With this model, you have better control over access privileges and manage the traffic going in and out of your system in real-time.

Alignment to the broader security strategy

This security model can be used along with other strategies to significantly improve your company’s safety as you update software and applications. At the same time, authentication processes can be upgraded to meet your needs and requirements. 

Benefits of Zero Trust Security for Businesses

Zero trust security comes with a bundle of benefits for stopping data breaches, such as the following:

It aligns with overall business operations

This security model allows you to coordinate required security measures according to the policies of your business. Because of this, central operations can continue seamlessly even as you improve your cybersecurity stance.

It is flexible with unlimited approaches

Zero trust security enables you to utilize numerous security measures to prevent data breaches and fraud. This is applicable to all accounts, devices, applications, etc., across the company. 

It makes audits fast, simple, and straightforward

This security system conducts the necessary checks to protect the network from hacks or any form of unauthorized access. At the same time, this protocol can generate audits quickly to maximize security efficiency.

It offers greater visibility across the organization

Closely monitor your accounts in real-time through authorized access points. With this model, you can find out who and what has access to your network and when, where, and for how long it happens. 

It provides stronger data protection

The framework of this model allows you to limit what information certain users can access. This limitation is a core concept of the model – referred to as “use least privileged access”. As such, hackers have a harder time finding, much less accessing, the data that they want in the event of a breach. 

Remote work security

Zero trust security offers robust protection for remote workers and their organizations no matter where they are. It minimizes risk by closing security gaps that emerge through an increasingly remote workforce.

Compliance with data protection laws

Zero trust security helps your company comply with data privacy and security laws. By better securing the data of customers and employees alike, you guard your reputation and protect against fees and fines. 

Outside and Inside Security

In our technology-reliant world, breaches are quickly becoming a serious threat to businesses all over the world. As such, you should be quick to implement strong security measures that can prevent data breaches, identity theft, and fraud. Contact Q5id to schedule a meeting and start protecting your business today. 

Cost of Account Takeover Report

Zero trust security helps prevent account takeovers – learn more about the costs of account takeovers and what other industry leaders are doing in this exclusive report.

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