Enhancing Zero Trust Models in the Financial Industry through Blockchain Integration: A Proposed Framework
As financial institutions navigate an increasingly complex cyber threat landscape and regulatory ecosystem, there is a pressing need for a robust and adaptive security architecture. This paper introduces a comprehensive, Zero Trust model-based framework specifically tailored for the finance industry...
| Main Authors: | , , , |
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| Format: | Article |
| Language: | English |
| Published: |
MDPI AG
2024-02-01
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| Series: | Electronics |
| Subjects: | |
| Online Access: | https://www.mdpi.com/2079-9292/13/5/865 |
| _version_ | 1797264642833121280 |
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| author | Clement Daah Amna Qureshi Irfan Awan Savas Konur |
| author_facet | Clement Daah Amna Qureshi Irfan Awan Savas Konur |
| author_sort | Clement Daah |
| collection | DOAJ |
| description | As financial institutions navigate an increasingly complex cyber threat landscape and regulatory ecosystem, there is a pressing need for a robust and adaptive security architecture. This paper introduces a comprehensive, Zero Trust model-based framework specifically tailored for the finance industry. It encompasses identity and access management (IAM), data protection, and device and network security and introduces trust through blockchain technology. This study provides a literature review of existing Zero Trust paradigms and contrasts them with cybersecurity solutions currently relevant to financial settings. The research adopts a mixed methods approach, combining extensive qualitative analysis through a literature review and assessment of security assumptions, threat modelling, and implementation strategies with quantitative evaluation using a prototype banking application for vulnerability scanning, security testing, and performance testing. The IAM component ensures robust authentication and authorisation processes, while device and network security measures protect against both internal and external threats. Data protection mechanisms maintain the confidentiality and integrity of sensitive information. Additionally, the blockchain-based trust component serves as an innovative layer to enhance security measures, offering both tamper-proof verification and increased integrity. Through analysis of potential threats and experimental evaluation of the Zero Trust model’s performance, the proposed framework offers financial institutions a comprehensive security architecture capable of effectively mitigating cyber threats and fostering enhanced consumer trust. |
| first_indexed | 2024-04-25T00:32:09Z |
| format | Article |
| id | doaj.art-607ab10fe57d4158b466572432142b5c |
| institution | Directory Open Access Journal |
| issn | 2079-9292 |
| language | English |
| last_indexed | 2024-04-25T00:32:09Z |
| publishDate | 2024-02-01 |
| publisher | MDPI AG |
| record_format | Article |
| series | Electronics |
| spelling | doaj.art-607ab10fe57d4158b466572432142b5c2024-03-12T16:42:24ZengMDPI AGElectronics2079-92922024-02-0113586510.3390/electronics13050865Enhancing Zero Trust Models in the Financial Industry through Blockchain Integration: A Proposed FrameworkClement Daah0Amna Qureshi1Irfan Awan2Savas Konur3School of Computer Science, Artificial Intelligence and Electronics, Faculty of Engineering and Digital Technologies, University of Bradford, Bradford BD7 1DP, UKSchool of Computer Science, Artificial Intelligence and Electronics, Faculty of Engineering and Digital Technologies, University of Bradford, Bradford BD7 1DP, UKSchool of Computer Science, Artificial Intelligence and Electronics, Faculty of Engineering and Digital Technologies, University of Bradford, Bradford BD7 1DP, UKSchool of Computer Science, Artificial Intelligence and Electronics, Faculty of Engineering and Digital Technologies, University of Bradford, Bradford BD7 1DP, UKAs financial institutions navigate an increasingly complex cyber threat landscape and regulatory ecosystem, there is a pressing need for a robust and adaptive security architecture. This paper introduces a comprehensive, Zero Trust model-based framework specifically tailored for the finance industry. It encompasses identity and access management (IAM), data protection, and device and network security and introduces trust through blockchain technology. This study provides a literature review of existing Zero Trust paradigms and contrasts them with cybersecurity solutions currently relevant to financial settings. The research adopts a mixed methods approach, combining extensive qualitative analysis through a literature review and assessment of security assumptions, threat modelling, and implementation strategies with quantitative evaluation using a prototype banking application for vulnerability scanning, security testing, and performance testing. The IAM component ensures robust authentication and authorisation processes, while device and network security measures protect against both internal and external threats. Data protection mechanisms maintain the confidentiality and integrity of sensitive information. Additionally, the blockchain-based trust component serves as an innovative layer to enhance security measures, offering both tamper-proof verification and increased integrity. Through analysis of potential threats and experimental evaluation of the Zero Trust model’s performance, the proposed framework offers financial institutions a comprehensive security architecture capable of effectively mitigating cyber threats and fostering enhanced consumer trust.https://www.mdpi.com/2079-9292/13/5/865Zero Trustidentity and access managementdevice and network securitydata protectionblockchain |
| spellingShingle | Clement Daah Amna Qureshi Irfan Awan Savas Konur Enhancing Zero Trust Models in the Financial Industry through Blockchain Integration: A Proposed Framework Electronics Zero Trust identity and access management device and network security data protection blockchain |
| title | Enhancing Zero Trust Models in the Financial Industry through Blockchain Integration: A Proposed Framework |
| title_full | Enhancing Zero Trust Models in the Financial Industry through Blockchain Integration: A Proposed Framework |
| title_fullStr | Enhancing Zero Trust Models in the Financial Industry through Blockchain Integration: A Proposed Framework |
| title_full_unstemmed | Enhancing Zero Trust Models in the Financial Industry through Blockchain Integration: A Proposed Framework |
| title_short | Enhancing Zero Trust Models in the Financial Industry through Blockchain Integration: A Proposed Framework |
| title_sort | enhancing zero trust models in the financial industry through blockchain integration a proposed framework |
| topic | Zero Trust identity and access management device and network security data protection blockchain |
| url | https://www.mdpi.com/2079-9292/13/5/865 |
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