Despite the financial services industry spending $600 million annually on cybersecurity, consumer trust remains low. Only 13% of global respondents in a survey trust financial institutions (FIs) completely, causing many to continue using cash as the most trusted payment option. The zero-trust security framework could provide a solution to this issue, with its robust access controls and continuous authentication mechanisms protecting sensitive financial systems and data. However, legacy systems make its implementation costly and complicate achieving full control of cloud-based networks.
Laurentian University is facing concerns about the impact of a cyber incident. The university’s officials are working to address the situation and ensure the security