Six Reasons Why Businesses Should Employ Privileged Access Management

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Six Reasons Why Businesses Should Employ Privileged Access Management

Passwords are probably the first thing that strikes when it comes to access. While passwords are a crucial part of access management, there are other factors to consider. Privileged Access Management (PAM) can assist businesses to secure their organizations in today’s perilous world by providing a broad range of services.

It’s all too easy to get caught up in the glitzier aspects of cybersecurity. But, if credentials and access are not efficiently managed, businesses can be vulnerable to attacks. According to a Verizon’s 2021 “Data Breach Investigation Report”, the great majority (80%) of cybersecurity issues are related to stolen or weak credentials.

Businesses that use PAM will reap a slew of advantages, including the following:

Increased visibility

Businesses can see who has accessed every network, application, server, and device in real-time using PAM, and will not require high-risk or high-maintenance manual spread sheets. Businesses can also verify if vendors and contractors provide accurate timesheets by tracking session times.

Companies can monitor who is seeking to gain access to restricted locations and even set up alerts that can reveal signs of an insider attack. Using artificial intelligence-based PAM technologies, enterprises can receive alerts when unusual behavior is detected, allowing them to spot potentially compromised credentials.

Also Read: How CIOs and CISOs Should Share Cybersecurity Responsibility

Improved compliance

To comply with rules, many industries, such as finance and health care, need to maintain compliance with the least privileged access. Businesses can lower their audit risk and show compliance more simply by implementing privileged access management.

Increase in productivity

Most PAM tools leverage automation to handle functions that were previously done manually, such as password creation and vaulting. This helps businesses save a lot of time. The IT team spends less time resolving issues since the tools and structured process decrease human error. Employees also spend less time dealing with their own credentials and access.

This is especially beneficial when many businesses transition to hybrid work. When signing in from numerous places and devices, PAM prevents access issues.

Cross-environmental integration

Inadvertently creating silos is a typical problem in cybersecurity, which adds new challenges to the process. Businesses can simply integrate their processes and technologies across the organization using privileged access management.

Businesses can even use a single dashboard for management by choosing apps that integrate with the systems. Companies can then use a single tool to generate extensive reports.

Drop in malware attacks

Malware attacks are frequently launched via acquiring access to a privileged account, such as an administrator’s account. Because of the account’s broad access, the malicious code can spread considerably more swiftly this way. An attack can’t spread as far if access is tightly controlled and limited to only business users.

Also Read: Three Unexpected Ransomware Costs CISOs Should be Aware of

Decreased attacks by fired employees

Ex-employees frequently exploited out-dated credentials to obtain access. These can be difficult to detect and are frequently dangerous.

When an employee quits the organization, PAM provides a built-in method for shutting down access. If an attack occurs, privileged access management offers immediate insight into the actions. This can assist organizations in identifying any damage and beginning the recovery process. Businesses can mitigate risk while also increasing efficiency by implementing PAM and focusing on the fundamentals.

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