Enhancing Zero Trust Models in the Financial Industry through Blockchain Integration: A Proposed Framework

Abstract

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.

CyberFusion Protocols: Strategic Integration of Enterprise Risk Management, ISO 27001, and Mobile Forensics for Advanced Digital Security in the Modern Business Ecosystem

“…The necessity of integrating ERM, ISO 27001, and mobile forensics is underpinned by the evolving digital threat landscape [52,53]. The traditional siloed approach to managing risks and securing digital assets is increasingly insufficient in the face of sophisticated cyber threats that exploit the interconnectedness of digital systems [54].…”

“…It provides a set of standardized requirements for an ISMS, ensuring the confidentiality, integrity, and availability of information by applying risk management processes. Thus, it complements ERM by providing specific guidelines and controls for mitigating identified digital security risks [52,53]. Furthermore, ISO 27001's emphasis on continuous improvement and regulatory compliance aligns with the dynamic nature of ERM, ensuring that the organization's risk management strategies evolve in tandem with changing threat landscapes and regulatory requirements [12,30].…”