A common sentiment I hear from the financial services organizations I interact with is that safeguarding sensitive information and adhering to stringent regulatory requirements are paramount. While many institutions have embraced zero-trust architectures, focusing on identity-based security measures, a critical vulnerability persists: standing privileges. These persistent access rights can be exploited by malicious actors, lead to significant security breaches, and consume an inordinate amount of the identity/security team’s time creating, maintaining, or mitigating these entitlements.
Introducing Zero-Standing Privilege (ZSP): a paradigm shift in access management
Zero-Standing Privilege (ZSP) is a security model that ensures no user or system retains access to resources unless explicitly required at that moment. This just-in-time approach dynamically provisions access based on real-time business needs, eliminating standing privileges that could be compromised. By adopting ZSP, financial institutions can significantly reduce the risks associated with credential theft and misuse.
The imperative for ZSP in financial services
Financial institutions have been pioneers in implementing zero-trust principles, driven by the necessity to protect highly sensitive data. This shift from traditional network perimeter security to identity-based frameworks has led to the adoption of advanced authentication methods, including passwordless solutions and phishing-resistant multi-factor authentication (MFA). However, securing authentication alone is insufficient. Standing privileges in cloud environments remain a substantial risk, as even a single credential compromise can result in catastrophic consequences.
The 2024 Verizon Data Breach Investigations Report indicates that over 80% of breaches involve stolen or compromised credentials. This statistic underscores the urgency for financial institutions to transition to a ZSP model, ensuring that credentials, even if compromised, have minimal value due to the absence of standing access rights.
Dynamic authorization: the core of ZSP
A fundamental component of ZSP is dynamic authorization, also known as just-in-time access. This approach aligns with regulatory requirements, such as those set by the New York Department of Financial Services (NYDFS), which emphasize the importance of context-aware access controls. Dynamic authorization guarantees that access is granted solely when necessary and revoked immediately after the need expires, thereby minimizing the window of opportunity for unauthorized exploitation.
Continuous enforcement with CAEP
Maintaining security in a zero-trust environment necessitates continuous enforcement of access policies. The Continuous Access Evaluation Profile (CAEP) of the Shared Signals Framework (SSF) facilitates real-time monitoring and enforcement, ensuring that any changes in context or behavior trigger immediate access revocation. This proactive stance allows financial institutions to respond swiftly to potential threats, maintaining the integrity of their systems and data.
The business case for eliminating standing privileges
Traditional security models often concentrate on fortifying authentication processes. However, eliminating standing privileges is equally crucial. By granting access exclusively based on legitimate business needs and revoking it promptly when no longer required, financial institutions can:
Reduce Risk Exposure: Minimize the potential impact of credential compromise by ensuring that no unnecessary access rights are in place.
Enhance Regulatory Compliance: Align with evolving regulatory standards that advocate for dynamic and context-aware access controls.
Improve Operational Efficiency: Streamline access management processes, reducing the administrative burden associated with managing standing privileges.
SGNL: leading the charge in ZSP implementation
At SGNL, we are committed to guiding financial institutions through the transition to a ZSP model. Our comprehensive approach encompasses:
Dynamic Authorization Solutions: Implementing just-in-time access controls tailored to your organization’s specific needs.
Continuous Enforcement Mechanisms: Utilizing CAEP to monitor and enforce access policies in real-time.
Integration with Existing Systems: Seamlessly incorporating ZSP principles into your current Identity and Access Management (IAM) infrastructure.
Transitioning to a ZSP model is a critical strategic imperative to protect your institution’s assets and reputation in an increasingly complex threat landscape.
Dig a little deeper
To understand how ZSP can fortify your organization’s defenses, download our comprehensive brochure: Download Brochure.