Keeper Security has released findings from its Privileged Access Management Survey: Deployment Amid Economic Uncertainty. The report reveals that while IT leaders consider privileged access management (PAM) solutions critical to their security stack, cost constraints and complex solutions are impacting deployment.
According to the survey, 56% of respondents tried to deploy a PAM solution but did not fully implement it, and 92% cited overly-complex solutions as the main reason. Additionally, 58% of IT teams have not deployed a PAM solution because traditional platforms are too expensive.
PAM solutions are crucial for organizations in today’s cybersecurity landscape as they help protect against threats by monitoring, detecting, and preventing unauthorized privileged access to sensitive data and critical resources. The survey found that 91% of IT leaders reported that their PAM product has given them more control over privileged user activity, reducing the risk of insider and external breaches.
Despite the benefits of PAM solutions, nearly two-thirds of IT leaders (62%) revealed that the downturn in economic conditions would likely cause them to scale back their current PAM platform. This is concerning as macroeconomic pressures may tempt businesses to cut back on security as budgets tighten. However, it is more important than ever for organizations to deploy PAM solutions to safeguard their sensitive information.
Darren Guccione, CEO and co-founder of Keeper Security, emphasized the importance of PAM solutions in preventing data breaches and cyberattacks. He stated, “Most successful breaches involve stolen or compromised credentials and the escalation of privileges via lateral movement. Organizations need simple, affordable PAM solutions to stay ahead of cybercriminals. The industry must evolve, providing solutions that include the features modern IT leaders need.”
The survey also highlighted the need for simpler PAM solutions that are fast provisioning and easy to use. Out of the respondents, 56% tried to deploy a PAM solution but didn’t fully implement it, and 92% said it was too complex to do efficiently. PAM products often require substantial dedicated staff to operate, which presents a barrier to adoption for organizations with limited resources.
To address these challenges, IT leaders expressed their desire for smaller-scale PAM solutions that are easier to manage and maintain, easier to integrate into existing tech stacks, and lower in cost. When asked which functionalities are essential, the main features respondents said are most frequently used by their organizations include two-factor authentication, role-based security, and reporting/auditing.
Lower costs and ease of use are expected to drive broad PAM adoption. IT leaders are currently facing the challenge of navigating the modern threat landscape while dealing with budget and staffing cuts. They require a modern PAM solution that combines password, secrets, and privileged connection management capabilities. Such a solution should be quick to deploy, affordable, easy to understand, and integrate seamlessly into existing systems.
In conclusion, the Keeper Security report highlights the importance of PAM solutions in protecting organizations against cybersecurity threats. While deployment may be hindered by cost constraints and complex solutions, it is crucial for IT leaders to prioritize PAM deployment to mitigate the risk of data breaches and cyberattacks. The industry needs to evolve and provide simpler, more affordable solutions that meet the needs of modern IT leaders. Lower costs and ease of use will drive broader adoption of PAM solutions across organizations.