Zero-trust security is a new form cyber-security which works on the principle of zero-assumed trust. The security solutions require each and every insider and outsider to provide authentic verification before entering the secure network. The principle is gaining popularity as it has shown capabilities in stopping security breaches. Additionally, it also promises a cost-effective, simple-to-use, and reliable security mechanism. The security system is in contrast with conventional castle and moat approach to security. In earlier approaches, insiders were trusted by default.
This made it difficult to oversee a transfer of communication and created several challenges as information transferred freely from inside-out with often complex, cumbersome, and sometimes extremely risky manner. A recent study by IBM shows that the cost of security breach on average is 3 million US dollars. Simple mechanism used by the zero-trust security solutions makes them effective for building trust and remaining cost-effective in the long run.
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Global Zero-Trust Security Market: Notable Developments
The national cybersecurity center of excellence plans to test zero-trust security architecture used by federal agencies and financial institutions. The agency earlier released a definition of zero-trust architecture and plans to offer more revealing public insights about the security systems. This is expected to add more clarity to players in the global zero-trust security market and consumers as well. This can be a major opportunity as a pat on the back from the agency can boost the prospects of current players tremendously. Additionally, the agency is also expected to provide better use guidance to future users through the review as some institutions simply do not use the solutions properly or do not use it regularly.
President Trump announced a budget hike for cyber-defense this year measuring to $17.4 billion. The budget was estimated to rise to $16.6 bn. However, the US federal government has opted for a proactive approach to cyber-security amidst rising threats. The continuous cyber threats continue to cripple various government entities around the world. Attacks for ransom ware have also targeted major tech giants like Adobe, and popular consumer devices like PlayStation in an attempt to extort ransom. According to some estimate, the cost of cyber-threats in 2019 can reach several trillion dollars. The growing cyber-threats and proactive policies of the federal government promises lucrative horizon for players in the global zero-trust security market.