Pub. 14 2023 Issue 2

Why It’s Necessary to Implement a Zero Trust Security Model for Your Business’s Network By ImageQuest With the rampant rise of cybercrime worldwide, you want to protect your bank’s data security. Not only is it necessary for compliance reasons, but it also helps to improve your customers’ trust in your institution. You may believe you’re protected with a traditional cybersecurity model, but that cyber strategy has many gaps. To bridge those gaps, you need an effective and proven plan to keep your business safe. A zero-trust security program is a strategic cybersecurity approach that secures your business records and your clients’ data with enterprise-grade security. Unlike the traditional security models that allow data access to insiders, a zero-trust network denies both insiders and outsiders unauthorized access. Everyone must undergo a verification process to be allowed into your network. What Are the Features of a Zero Trust Network? The Zero Trust framework is a comprehensive access control initiative for banking, legal, non-profit and healthcare businesses. This model requires anyone, even the Chairman of the board, to be granted access by an administrator only on an as-needed basis. A zero-trust security model is made up of the following principles: 1. Monitoring and Verification The zero-trust structure provides continuous monitoring and validation. As the name suggests, the trust approach automatically ensures security controls by “not trusting” any user or machine. That’s the whole idea behind this IT security mechanism. You should never trust; always verify someone’s access before allowing them into your network. A user’s identity must be confirmed before privileges and access to the applications and network services are allowed. Trust principles, such as multifactor authentication, the device being used and user location, help your security team recognize credential misuse. There’s constant reverification of users and devices, so you can be sure only the right people have access to your network’s applications and data. 2. Least Privileged Access Least privilege access provides strict network perimeters. It only allows users to have limited access to your zerotrust network, ensuring they only can see the data they need. That way, if a user’s login credentials are hacked, the cybercriminal wouldn’t be able to access all your 27 West Virginia Banker