Global businesses’ sensitive information loss causes 2023
According to a 2023 survey of Chief Information Security Officers (CISO) worldwide, 36 percent of sensitive data loss at organizations happens because of operating system (OS) vulnerabilities on endpoint devices, such as servers or devices. A further 35 percent of the respondents said external attacks and system misconfiguration caused data loss.
-Statista
Where Zero Trust Security comes in?
There has been an increase in cyber threats in the digital landscape in recent years. Traditional security models that rely on fortifying the network perimeter with firewalls, intrusion detection systems (IDS), and virtual private networks (VPN) are no longer enough to safeguard sensitive data and critical infrastructure.
This is where Zero Trust Security comes in – a revolutionary paradigm that challenges the notion of implicit trust and adopts a proactive approach to cybersecurity.
Zero Trust Security core principle is “never trust, always verify.”
This approach continuously authenticates and authorizes users and devices before granting them access to resources, making it the ultimate solution to modern threats.
Zero Trust Security is the perfect cybersecurity solution for multinational corporations with remote employees who frequently use cloud-based applications such as customer relationship management programs, enterprise resource planning (ERP) systems, and file-sharing platforms.
By adopting this innovative approach, companies can protect sensitive data and critical infrastructure like never before.
The IBM Cost of a Data Breach Report 2023 was recently published. The report is based on the experiences of more than 550 organizations impacted by data breaches. Here is the top summary.
Also, you can visit at https://www.ibm.com/reports/data-breach
“Do you remember when Equifax experienced a data breach between May and July 2017?’
Read more in details at https://www.csoonline.com/article/567833/equifax-data-breach-faq-what-happened-who-was-affected-what-was-the-impact.html
There are 147.9 million American citizens, 15.2 million British citizens, and 19,000 Canadian citizens who were affected by the breach. Information such as names, dates of birth, Social Security numbers, and credit card numbers was exposed in the breach. The incident shows that traditional security models are no longer enough to safeguard sensitive data and critical infrastructure. Zero Trust Security is a proactive approach that challenges implicit trust and can be a solution to current cybersecurity challenges.”
Report Summary: Global Data Breach Costs on the Rise
- Average Cost Increase: The average cost of a data breach globally rose to USD 4.45 million in 2023, marking a USD 100,000 increase from the previous year. This represents a 2.3% increase from the 2022 average cost of USD 4.35 million.
- Long-Term Trend: Since 2020, the average total data breach cost has steadily increased by 15.3%. In 2020, the average cost was USD 3.86 million, indicating a significant upward trend over the past few years.
- Per-Record Cost: The cost per record involved in a data breach also reached a new high in 2023. The average cost per record was USD 165, a slight increase from the 2022 average of USD 164. This matches the relatively small growth observed from 2021 to 2022, where the cost rose by just USD 3.
- Historical Analysis: Over the last seven years, the most significant increase in average per-record costs occurred between 2020 and 2021, when the average rose from USD 146 to USD 161, representing a 10.3% increase. This indicates a steady upward trajectory in data breach costs over time.
- Study Scope: The study examined breaches between 2,200 and 102,000 records, comprehensively analyzing data breach costs across different scales and industries.
Is ZERO TRUST suitable for everyone?
Zero Trust Security is a versatile approach that can be adopted by organizations across industries. Here are some examples of who can benefit from implementing Zero Trust Security:
- Enterprises: Large corporations and multinational organizations can leverage Zero Trust Security to protect their extensive network infrastructure, diverse workforce, and valuable intellectual property from cyber threats.
- Small and Medium-sized Businesses (SMBs): Zero Trust Security solutions are ideal for SMBs with limited resources due to their scalability and flexibility.
- Government Agencies: Government entities at the local, state, and federal levels can enhance their cybersecurity posture by implementing Zero Trust Security principles to safeguard sensitive data, critical infrastructure, and citizen information.
- Healthcare Organizations: In light of the increasing digitization of healthcare records and the threat of cyberattacks targeting patient information, healthcare providers can ensure compliance with regulatory requirements like HIPAA while maintaining patient privacy by adopting Zero Trust Security.
- Financial Institutions: By using Zero Trust Security, financial institutions can protect themselves against fraud, data breaches, and unauthorized access to their customers’ accounts.
- Educational Institutions: Colleges, universities, and K-12 schools can implement Zero Trust Security to secure their network infrastructure, protect student and faculty data, and mitigate the risk of cyber attacks targeting academic resources.
- Cloud Service Providers: In the digital era, businesses rely on cloud-based systems for secure data storage, seamless collaboration, and efficient application delivery. However, ensuring the safety and privacy of customer data is a top priority. That’s why it’s essential to embrace Zero Trust Security. By implementing this approach, they can guarantee the confidentiality, integrity, and availability of customers’ data and earn their trust.
- Critical Infrastructure Operators: Entities responsible for managing critical infrastructure such as energy, transportation, and utilities can use Zero Trust Security to protect against cyber threats that could disrupt essential services and pose a risk to public safety.
With Zero Trust Security, businesses can adopt a constructive and proactive mindset towards cybersecurity, protecting themselves and their stakeholders from financial and reputational damage associated with cyber-attacks and preventing, detecting, and responding to data breaches effectively.
Zero Trust Principals Roadmap
To ensure a secure and effective transition to a Zero Trust model, a Zero Trust Application roadmap includes several key steps. In a nutshell:
Assessment and Planning:
- Analyze the architecture, security posture, and access controls of organization current applications.
- Identify critical applications, data repositories, and user workflows that require protection.
- Assess existing security controls and policies to determine gaps and vulnerabilities.
Define Trust Boundaries:
- Establish clear trust boundaries around organization applications, data, and resources.
- Access policies should be defined according to the principle of least privilege, allowing only authorized users and devices to access the system.
Implement Identity-Centric Access Controls:
- Adopt identity-centric access controls to authenticate and authorize users based on their identity and contextual factors.
- Implement multi-factor authentication (MFA) to verify user identities and enhance security.
Secure Application Environment:
- Secure the application environment by implementing encryption, data loss prevention (DLP), and other security controls.
- Ensure that applications are protected against common vulnerabilities such as SQL injection, cross-site scripting (XSS), and insecure direct object references (IDOR).
Implement Micro-Segmentation:
- Segment the application network to limit lateral movement and contain potential breaches.
- Implement network segmentation controls to restrict communication between application components and enforce access controls.
Continuous Monitoring and Threat Detection:
- Deploy monitoring tools and solutions to continuously monitor application activity, user behavior, and access patterns.
- Implement real-time threat detection mechanisms to identify and respond to security incidents promptly.
Automation and Orchestration:
- Automate security processes and workflows to streamline security operations and improve efficiency.
- Implement orchestration tools to coordinate security controls and responses across the application environment.
Training and Awareness:
- Employees and stakeholders should receive training and awareness about Zero Trust principles.
- Ensure that users understand their roles and responsibilities in maintaining a secure application environment.
Regular Assessment and Review:
- Conduct regular security assessments and reviews to evaluate the effectiveness of Zero Trust controls and policies.
- Address security gaps and vulnerabilities by identifying areas for improvement.
Adaptation and Evolution:
- Continuously monitor emerging threats, technology trends, and regulatory requirements.
- Adapt Zero Trust strategies and practices to address evolving security challenges and business needs.
Zero Trust Security vs Zero Trust Network Access
There is a difference between ZTS and ZTNA Architecture.
Technology Trends in Zero Trust Security
- Advanced Authentication Mechanisms.
- Enhanced Identity-Centric Security, such as decentralized identifiers (DIDs) and verifiable credentials, to enable more secure and privacy-preserving authentication mechanisms.
- Cloud Security Posture Management (CSPM) and Cloud Workload Protection Platforms (CWPP).
- Zero Trust for Internet of Things (IoT) Device.
- Machine learning and AI technologies for intelligent threat detection, behavior analysis, and automated response capabilities to combat increasingly sophisticated cyber threats.
- Zero Trust Security Orchestration, Automation, and Response (ZT-SOAR).
- Quantum-Safe Cryptography to ensure the long-term security.
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