As financial institutions navigate an increasingly complex cyber threat landscape and regulatory ecosystem, there is a pressing need for a robust and adaptive security architecture. This paper introduces a comprehensive, Zero Trust model-based framework specifically tailored for the finance industry. It encompasses identity and access management (IAM), data protection, and device and network security and introduces trust through blockchain technology. This study provides a literature review of existing Zero Trust paradigms and contrasts them with cybersecurity solutions currently relevant to financial settings. The research adopts a mixed methods approach, combining extensive qualitative analysis through a literature review and assessment of security assumptions, threat modelling, and implementation strategies with quantitative evaluation using a prototype banking application for vulnerability scanning, security testing, and performance testing. The IAM component ensures robust authentication and authorisation processes, while device and network security measures protect against both internal and external threats. Data protection mechanisms maintain the confidentiality and integrity of sensitive information. Additionally, the blockchain-based trust component serves as an innovative layer to enhance security measures, offering both tamper-proof verification and increased integrity. Through analysis of potential threats and experimental evaluation of the Zero Trust model’s performance, the proposed framework offers financial institutions a comprehensive security architecture capable of effectively mitigating cyber threats and fostering enhanced consumer trust.

The finance industry faces an evolving threat landscape and increasing regulatory obligations, necessitating a comprehensive security framework. This paper proposes implementing the Zero Trust model in financial institutions, focusing on data protection, Identity and Access Management (IAM), and device and network security. The framework is evaluated through the development of a demo bank app, and its effectiveness in addressing security challenges is discussed. The IAM component demonstrates robust authentication and authorization processes, while device and network security measures protect against internal and external threats. Data protection mechanisms ensure the confidentiality and integrity of sensitive information. The implementation highlights strengths in comprehensive coverage and effective integration of security measures. Challenges include integration with legacy systems and managing the user experience. Insights and recommendations are provided. This framework enables financial institutions to establish a robust security framework, mitigating cyber threats and enhancing consumer trust.