Simulation-based evaluation of advanced threat detection and response in financial industry networks using zero trust and blockchain technology
Clement Daah, Amna Qureshi, Irfan Ullah Awan, Savas Konur · Simulation Modelling Practice and Theory · 2024
The financial sector is increasingly facing advanced cyber threats, necessitating a shift from traditional security measures to more dynamic frameworks. This study presents a novel integration of Zero Trust architecture with hybrid access control system and blockchain technology to enhance security in financial institutions. Zero Trust enforces continuous authentication and dynamic access controls, while blockchain secures digital identities and transaction logs through its immutable ledger, ensuring data integrity and non-repudiation. The proposed framework, evaluated using OMNeT++ simulations enhanced by Ethereum-Ganache, shows improved detection accuracy, reduced false positives, and increased resistance to insider threats and other attacks. It also strengthens compliance with regulatory requirements through robust audit trails, providing enhanced protection for sensitive financial data.