Research shows the financial benefits of implementing zero trust
Properly implemented zero trust security could head off nearly a third of cyber attacks globally, saving up to $465 billion in financial losses every year.
An analysis of hundreds of thousands of cyber incidents by cloud security firm Zscaler found that the overall figure was higher in Europe, where 41% of events were assessed as being potentially preventable through zero trust architecture, compared with just 31% in North America.
It’s companies with over US $1 billion in revenue that have the most to gain from deploying zero trust. In 2023, the researchers said, zero trust could have averted as many as six in ten of all incidents involving companies with revenue over $100 billion.
The industries with the most to gain, meanwhile, were construction, wholesale trade, information, and manufacturing. Finance and insurance, mining oil and gas, and utilities were assessed as likely to see the smallest benefit from zero trust, although even here, it could have averted at least one in five incidents.
“This report underscores the importance of recognizing zero trust as a fundamental cybersecurity control that fortifies cyber hygiene,” said Stephen Singh, global vice president for M&A/divestiture and cyber risk at Zscaler.
“With the external attack surface identified as a key predictor of potential breaches, adopting zero trust and phasing out outdated, high-risk technologies such as firewalls and VPNs shows a dramatic reduction in risk exposure.”
It’s the rising tide of ransomware – up 126% over the year – that’s making zero trust more vital. And while attacks by some of the larger ransomware gangs are becoming increasingly sophisticated, Zscaler said many of these could have been mitigated by the use of zero trust.
Implementing zero trust can also make for cheaper insurance, with some cyber insurance underwriters taking it into account when calculating business risk.
“We now have independent validation that zero trust offers significant benefits for cyber security practitioners responsible for mitigating business risk – companies that prioritize zero trust investments gain a significant edge as cyber defenders,” said Darin Hurd, CISO at Guaranteed Rates.
And, said Tim Riley, SVP of product at cyber insurer Resilience, “Through our ongoing engagement with clients to quantify and mitigate cyber risk, Resilience can affirm that adopting a zero trust architecture strengthens an organization’s ability to withstand and recover from cyber incidents.”
Organizations do seem to be catching on to the benefits. A recent report from AlgoSec, for example, found that more than half of organizations are now fully or partially implementing zero trust, although one in five said they were still in the learning phase.
And, the researchers found, some were struggling, finding it difficult to translate zero trust principles into actionable policies, especially when it came to complex multi-cloud and hybrid environments.
But, said Scott Stransky, managing director and head of the Marsh McLennan Cyber Risk Intelligence Center, and leader of the Zscaler study, “The large cost associated with the lack of zero trust reveals its true value to companies and the cyber world.”
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