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More and more companies are increasing their zero trust security budgets

(Image credit: Shutterstock / Song_about_summer)

Zero trust, a cybersecurity model whereby no devices are trusted on the network by default, is taking the world by storm. According to a new report from identity management firm Okta, zero trust has increased in priority for more than three-quarters (78 percent) of businesses.

Today, almost all companies (90 percent) are working on a zero trust initiative, up from 41 percent a year ago. Among European companies, nine in ten have either fully implemented the strategy, or have plans to do so in the coming months. Two years ago, it was a priority for less than a fifth (18 percent) of firms.

To make zero trust a reality, many firms needed extra funds. In total, 82 percent of businesses in Europe have increased their budgets for zero trust, and no firms have dropped their budget. 

Based on a poll of more than 600 global security leaders, the Okta report claims the pandemic has made companies “more security conscious” and forced their hand when it comes to the adoption of zero trust. Of all the different industries, financial services, healthcare and software are seeing the most significant progress, it was said.

Mature security factors - including biometrics, one-time passwords and push notifications - have already made their way into European businesses, with the rest of the world following closely, the report concludes. Biometric technology is “skyrocketing” globally, with 45 percent of global companies using it as a high assurance factor.

However, implementing zero trust is not without its own challenges, with respondents citing concerns over costs, technology gaps and stakeholder buy-in.