By Mohit Shrivastava, Chief Analyst ICT, Future Market Insights
Zero trust security is a method of cybersecurity that undertakes that no user or device can be reliable, whether outside or inside the corporate network. Unlike traditional security models that rely on perimeter-based approaches, zero-trust security eliminates the notion of trust to protect data, applications, and networks.
Zero trust security is intended to protect assets and information by providing fine-grained access control, unremitting monitoring, and risk-based verification. This means that all requests to access network resources are validated regardless of whether they come from untrusted or trusted devices or users.
The zero-trust security model is growing in popularity because remote work and the rise of cloud-based applications are creating new security challenges for businesses. This security model trusts no one and nothing. It provides optimal security against ransomware and cybersecurity threats.
The main principles of zero trust security infrastructure include continuous monitoring and validation, least privilege, multi-factor authentication, etc. Zero trust security solutions help to reduce an organization’s attack surface.
Zero Trust Security: Protecting Business in a Perimeter-less World
The proliferation of endpoints and increased adoption of cloud technologies has augmented the need to implement a zero-trust security outline. Modern businesses thrive on network technologies and computerized systems that are vulnerable to attack to unofficial access.
Remote work guidelines due to the pandemic have further increased the need for a secure architectural framework. These are used to enforce multi-factor verification for access to sensitive data. This in turn is putting the zero-trust security market into the limelight.
Accordingly, the growing need to protect complex networks facilitates network management transparency and combats external & internal threats of unauthorized access will drive demand for security solutions, including zero trust security.
As per Future Market Insights (FMI), a leading market research firm, the worldwide zero trust security market size reached around US$ 25.4 billion in 2021. Over the next ten years (2023 to 2032), global zero trust security solutions demand is likely to surge at 15.1% CAGR. By 2032, the total market value is expected to reach US$ 118.7 billion.
Ratings of reported attacks and interruptions suggest that record disclosure rates and data breaches have increased over the years. Attacks like the WannaCry ransomware are complex and destructive, allowing unauthorized access and occasioning loss of data and revenue.
As cyberattacks and their associated consequences change, the vulnerability assessment industry is investing more in new technologies. These include analytics and artificial intelligence (AI).
The zero trust security market is set to witness a positive growth trajectory. This indicates that end-users are ready to counter vulnerability attacks and increasing investment in security strategy initiatives.
Zero Trust Security and SaaS Model: Adapting to the New Normal
Companies are outsourcing security services due to a lack of in-house trained workers. Security services for applying a zero trust security model enable professionals to deliver protection as a Security as a Service (SaaS) model without the need for additional staff or hardware.
Organizations struggle to keep their networks secure due to rapidly developing wide area network (WAN) environments and the rising difficulty of enterprise systems. The need for a more deliberate attempt to protect corporate networks and provide layered security is encouraging the adoption of zero-trust security solutions.
The pandemic has made organizations realize the position of a zero-trust environment to protect critical data.
The IT security landscape has changed dramatically as employees work remotely and use vulnerable network infrastructures. This makes it difficult for organizations to uphold a network perimeter-centric sight of security, letting tech-savvy hackers target indiscreet systems with phishing attacks.
Cloud Security: Ensuring the Safety of Data in the Cloud
The increasing acceptance of cloud technologies in the enterprise has increased the need for zero-trust security solutions. As enterprise IT infrastructures become more resilient and complex, the peril of internal security breaches through unauthorized access and external cyberattacks increases year by year.
Connected devices with AI and IoT capabilities are constantly collecting data and storing it in the cloud, making them vulnerable to hackers.
As such, security vendors have begun highlighting the adoption of a zero-trust model for a robust and holistically protected IT environment. Several vendors are also directing on scaling endpoint safety for digital revenue models.
From Office to Anywhere: The Benefits of BYOD for Remote Work
Bring Your Own Device (BYOD) trends are surging across all establishments. Benefits such as reduced costs in procuring terminal infrastructure and increased worker productivity from being able to work on familiar devices are pouring the spread of such perceptions.
The significance of the BYOD concept gained momentum during the pandemic as companies adopted a remote working model.
The increasing superiority of cyber threats and their negative influence on organizational operations are forcing multiple policymakers, governments, and institutions to implement and develop regulations. This in turn is creating lucrative opportunities for zero trust security solutions providers.
The Power of Data: Leveraging IoT for Business Insights
As the Internet of Things (IoT) spreads across the enterprise and more IoT applications collect customer data from multiple touchpoints, the peril of data theft or unauthorized access to data surges.
Privacy regulations and laws are significant to prevent such efforts. Such regulations force companies to comply with appropriate security regulations and develop zero-trust policies, thus driving the growth of the market.
Cyber threat agents or actors are constantly looking for different ways to infiltrate or gain access to IT networks, and vulnerabilities can be easily identified. Additionally, knowing your credentials can also help attackers break into cloud-hosted solutions and data.
Such challenges are expected to expand the scope of zero-trust security models and create high demand for advanced zero-trust security solutions.
The Bottom Line
Zero Trust security is an advanced approach to cybersecurity that provides fine-grained access control, and risk-based authentication. By assuming no trusted users or devices, this approach aids in protecting an organization’s critical assets and data from evolving threats, such as those from remote work and cloud-based applications.
Zero Trust security symbolizes a fundamental change in how organizations approach cybersecurity.
Zero trust security has several benefits, including the condensed risk of data breaches, increased discernibility and control, etc., which are creating huge opportunities for the market. As organizations increasingly embrace remote work and cloud-based submissions, zero trust security is flattering a key component of their complete cybersecurity strategy.
To increase their revenues and expand their customer base, leading zero-trust security companies are launching new solutions. For instance, in June 2022 BlackBerry Limited introduced a new zero-trust network access solution with CylanceGATEWAY.
About the Author
Mohit Shrivastava, Chief Analyst ICT at Future Market Insights. He has more than 10 years of experience in market research and intelligence in developing and delivering more than 100+ Syndicate and consulting engagements across ICT, Electronics, and Semiconductor industries. His core expertise is in consulting engagements and custom projects, especially in the domains of Cybersecurity, Big Data & Analytics, Artificial Intelligence, and Cloud. He is an avid business data analyst with a keen eye on business modeling and helping in intelligence-driven decision-making for clients. Mohit holds an MBA in Marketing and Finance. He is also a Graduate in Engineering in Electronics & Communication. https://www.linkedin.com/in/shrivastavamohit/
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