Given the different programs currently maintained by organizations, not to mention the number of individual and group accounts that need to be set up to access these programs, ensuring that each program is accessed by users authorized by the organization is of utmost priority.
One mechanism that has helped especially small and medium enterprises (SMEs) in managing software access within their organization is what is called Privileged Access Management (PAM). PAM secures and manages access to specific applications by privileged systems and accounts, ensuring that these systems and accounts are secured from unauthorized access, misuse, and theft of data, alongside other forms of cyberattacks.
Security Benefits
Privileged Access Management in particular is helping businesses combat several types of cyber threats, including:
Credential theft – PAM offers a host of solutions that includes password management, which helps businesses securely store and manage privileged passwords to reduce the risk of credential theft that leads to account takeover, as well as Multi-Factor Authentication (MFA) which provides an extra layer of authentication protection even if a password has been illegally obtained.
Privilege abuse - PAM solutions leverage Just-in-Time (JIT) and least privilege access so that access to privileged accounts and systems can be restricted to only those who need it and only for the time they need it, preventing unauthorized access and misuse of privileged accounts. It also offers a session recording feature, which records all privileged access sessions, which enables administrators to identify suspicious activity by privileged users and restrict access if needed.
Malware infections - PAM can help prevent malware from being installed onto privileged accounts since it minimizes the number of users who can access those accounts. Even if a cybercriminal somehow obtains credentials for a privileged account, a PAM solution can leverage JIT access which would prevent cybercriminals from infecting the system with malware.
Other Benefits
Aside from the security benefits, Privileged Access Management offers a host of benefits for businesses in of operational efficiency and compliance.
Simplifies compliance
A PAM solution helps businesses comply with various industry regulations such as PCI DSS, HIPAA, FDDC, FISMA and SOX by providing a centralized way to manage privileged access.
Satisfies cyber insurance requirements
Cyber insurance providers look at how businesses are managing privileged credentials, how they’re monitoring privileged accounts, and what they have in place to audit privileged sessions. As such, a PAM solution helps ensure that the business meets these requirements, ensuring its protection from losses associated with cyber-attacks on top of the protections already provided by PAM.
Reduces costs
According to the IBM Cost of a Data Breach Report, the average total cost of a data breach reached $4.35 million in 2022, specifically targeting sensitive data. A PAM solution can be significantly less costly than the impacts of a breach, saving businesses money in the long run.
Privileged Access Management provides an extra layer of security, ensuring that the applications, as well as the data contained in these applications, are only accessed by the proper parties within the organization and there is a greater level of control in place when it comes to access management. It is a necessary defense tool that offers greater protection from the evolving cyberthreats that can ruin the organization in terms of finances and reputation.
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