With the expeditious growth and swiftness of digital business, InfoSec leaders are increasingly recognizing the value of Identity and Access Management (IAM) on cybersecurity technology. Subsequently, there has been a substantial rise in demand for IAM and digital identity technologies. From $13.7 billion in 2021 to $19 billion in 2024, Gartner predicts the IAM market is projected to grow at a steady rate.
Due to the cybersecurity risks of privileged credential abuse, the complexity of security compliance and the potential threat of data breaches, there is a greater need for businesses to take a proactive, lifecycle approach to Privileged Access Management (PAM).
The Need for PAM
IT and cybersecurity leaders are managing complex, distributed environments while still trying to secure their organizations from privileged credential abuse and misuse. In reality, a decrepit or stolen privileged credential is involved in 80 percent of all cybersecurity incidents.
Furthermore, due to the COVID-19 pandemic the necessity for opting Work From Home (WFH) has only escalated the need for providing secure and seamless privileged access to employees, channel partners, suppliers, distributors and connected accounts. The need to develop and optimize a modern and holistic PAM program has never been greater, with extortionate compliance and data breach costs, as well as other implied risks.
To effectively reduce organizational risk, PAM relies on an adaptable long-term strategy, comprehensive design and implementation plan. In addition, PAM requires ongoing steady state management, and continuous optimization, regardless of technology solution selection. If organizations are unable to fully utilize the advantages of a PAM technology, the solution as a whole risks being inefficient, consuming resources and investment possibly creating security threats that are vulnerable to organizations.
InfoSec leaders must be continually prepared to handle the increased quantity and rapidity of digital identities to meet digital business requirements. InfoSec leaders should also develop governance and reinforce PAM practices to prevent data breaches, create more strong and agile authentication and authorization process, and strengthen customer IAM to prevent fraud and protect privacy in order to make organizations more secure.
PAM Real-Time Solutions
To reduce the security risk and secure privileged accounts of all kinds across hybrid cloud environments, IBM Security can help by providing insight, advice, and experience across the leading PAM platforms. PAM Services from IBM Security is a fully managed platform that combines an enterprise-wide strategy, design, and deployment, as well as steady state management and optimization.
A well-managed PAM program can assist and aid security compliance by enabling long-term scalability and manageability through proper access governance. PAM Services from IBM Security can enable enterprises in developing, monitoring, and managing a PAM program that minimizes organization’s access attack surface.
Key Points for the Adoption of PAM in Enterprises
Privileged credentials are the key solution to your organization’s most crucial assets. PAM allows you to secure your business assets and at the same time it’s more than just putting new technologies in place.
Throughout the following 4 crucial stages of an organization’s journey in adaption of PAM technology, IBM’s PAM-as-a-Service can aid enterprises to reap maximum results against value-based business investment.
Stage 1
Create and develop a PAM strategy that InfoSec leaders want to achieve: Build your future-state PAM plan by considering your market and organizational priorities, as well as your security compliance and regulatory requirements.
Stage 2
Create a roadmap for your futuristic PAM solution: Contemplate on the functionalities and features of a futuristic PAM that InfoSec leaders need in the long run, and map out a route to reach there.
Stage 3
Expedite the pace of PAM deployment: With pre-built use cases and assets, as well as an faster design process to help and deploy a quicker time-to-value for business PAM solution, enterprises can implement their chosen PAM solutions faster.
Stage 4
Constantly optimize and extend: Once the PAM program is deployed and fully operational, InfoSec leaders should take proactive actions to constantly review the upgrade process with latest system integrations as per the requirements of their organizations.
Conclusion
As a result of COVID-19 pandemic situation and the inevitable shutdown of active businesses, remote working is the new norm and this has driven organizations to increase their usage of PAM. Additionally, as organizations’ digital transformation efforts have expanded, so has the need to know who is on the other end of the online world.
An effective PAM practice helps businesses achieve the concept of least privilege, validating that the right individual has the right access to the right resource at the right time for the right reasons — thus reducing the possibility of data breaches and cybersecurity threats.
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