Privileged accounts in your IT environment demand special attention because they have elevated access to critical systems and sensitive data. If they are exploited by their owners or compromised in assaults, the organization may incur serious consequences. Furthermore, many compliance rules require organizations to maintain tight control over privileged access management.

Most companies have hundreds or thousands of accounts with privileged access. Attempting to maintain privileged credentials using spreadsheets or text documents is unsafe and inefficient. It raises the likelihood of mistakes and undiscovered vulnerabilities while straining already overburdened IT personnel.

In this blog, we will discuss how to protect your privileged accounts and monitor their use to detect unlawful conduct. We will present an overview of top privileged access control systems and highlight key features to consider when selecting a tool.

What is Privileged Access Management?

QKS Group defines Privileged Access Management as a solution which minimizes security risks and enables organizations to protect, control, manage, automate, and monitor privileged access and accounts like Local administrative accounts, domain administrative accounts, break glass accounts, service accounts, active directory accounts, and application accounts to avoid security breaches. PAM solution enables organizations to minimize risks that are related to cyberattacks outside of the network perimeter, malicious insider threats, and third-party access risk.

How Does Privileged Access Management Work?

Privileged Access Management combines people, procedures, and technology. The first step in implementing a PAM solution is to identify which accounts have privileged access. After that, the company must choose which policies will apply to these accounts.

For example, they may stipulate that service accounts must refresh their passwords each time a user accesses the stored credentials. One example is implementing Multi-Factor Authentication (MFA) for all system administrators. Keeping a detailed log of all privileged sessions is another policy the organization may decide to implement. Ideally, each process should be associated with a specific risk. For example, requiring a change in service account passwords reduces the likelihood of an insider threat. Keeping a log of privileged sessions helps security administrators spot abnormalities, and implementing MFA is a proven approach to prevent password-related attacks.

Once the business has completed the discovery step of finding privileged accounts and finalized its PAM policies, it may deploy a technology platform to monitor and enforce Privileged Access Management. This privileged access management solution automates the organization's rules and offers security administrators a platform for managing and monitoring privileged accounts.

Integration of People, Processes, and Technology in PAM Solutions

A robust approach to privileged access management involves multiple elements: processes, technology, and people:

Processes - Core PAM operations involve defined routines for seeking, approving, and recording privileged access. Regular access evaluations should ensure privileged accounts follow the concept of least privilege. PAM must also be linked with change control processes to verify that secure system modifications are consistent with existing security controls and operational requirements.

Technology - A contemporary PAM solution should provide automatic, real-time monitoring and be compatible with other security solutions in the IT ecosystem. It should integrate with the identity and access management (IAM) platform to provide complete user management and feed logs into security information and event management (SIEM) systems to improve threat detection capabilities throughout the company.

People – Privileged Access Management (PAM) systems employ role-based access control (RBAC) to accurately match privileges with job functions. Additionally, firms must ensure that all employees, contractors, and other users understand the importance of privileged access and how to utilize it properly.

Top 5 Privileged Access Management Vendor in the market

ARCON

ARCON is a reputable risk-control solution supplier for businesses worldwide. Our product development strategy is based on ongoing discussions and research with industry experts and cybersecurity specialists. This approach enables us to understand the distinct and evolving IT security threats and the complexity level faced by firms globally. Subsequently, we explore and develop trends and techniques to assist large, medium, and small enterprises in addressing significant information security challenges.

BeyondTrust

BeyondTrust specializes in Privileged Access Management (PAM), offering services and products to enterprises worldwide. They assist enterprises in securing and managing access credentials in both conventional and hybrid settings, including the cloud. BeyondTrust's integrated solutions include an innovative PAM solution, designed to minimize the attack surface. BeyondTrust's Universal Privilege Management methodology from BeyondTrust aims to secure privileges across access, passwords, and endpoints.

CyberArk

CyberArk specializes in privileged access management with a focus on identity security. It creates safe solutions for various identities - human and computer to support numerous commercial applications. The organization guarantees protection in several work scenarios, including remote workforces, hybrid cloud workloads, and the whole DevOps lifecycle. CyberArk's primary goal is to prevent cyberattacks that exploit insider privileges and threaten critical business assets. In addition to this emphasis, the company provides security solutions that prevent the progression of cyber-attacks. Therefore, safeguarding organizations from significant damage.

Delinea

Delinea, formerly known as ThycoticCentrify, is a PAM solution designed to adapt to an ever-changing security context. The program has several features, including privileged account and session management, secure remote access, and comprehensive auditing capabilities.

Delinea's PAM solution is intended to simplify the administration of privileged credentials and enforce security standards throughout an organization's IT infrastructure. Along with an emphasis on usability and automation, Delinea assists organizations in protecting key assets and complying with legal obligations.

WALLIX

WALLIX is an access security specialist who offers a variety of tools for managing privileged access. The firm provides a session manager, a password manager, and an access manager, in addition to Privilege Elevation and Delegation Management (PEDM) and Application-to-Application Password Manager (AAPM) features.

Privileged Access Management Vendor Selection 

Here are some tips to aid in the selection of a PAM solution:

PAM focuses on both policy and technology. Establish your policy first, and then search for technologies to assist you apply it. 

Use technologies to handle privileged accounts centrally. This is especially important for multinational companies or those with various locations in different countries. 

Select PAM technologies that complement your current security tools, operating systems, and cloud environments. 

Look for PAM technologies that allow you implement least privilege permissions for most users while severely restricting privileged access. This includes the removal of administrative privileges on endpoints. 

According to the Privileged Access Management (PAM) Market Share, 2023, Worldwide report, or rapidly growing organizations, the major challenge with Privileged Access Management (PAM) software is their ability to manage and cater to the growing skilled talent need of the organization. 

The Market Forecast: Privileged Access Management (PAM), 2024-2028, Worldwide report projects continued expansion of the market. These insights, combined with the detailed evaluations provided by the Quadrant Knowledge Solutions report, equip businesses with the knowledge to make informed decisions, ensuring they select a platform that not only meets their current needs but also supports their growth and adaptation in a rapidly evolving market landscape. 

Conclusion

Investing in the correct privileged access management system is critical for being safe and building confidence with customers and stakeholders. PAM solutions help organizations better protect their SaaS assets, manage user access more effectively, and ensure compliance with regulations.

These privileged access management solutions assist enterprises in gaining the trust of customers and stakeholders by prioritizing data security and access management best practices. They protect the security of essential assets, bringing dependability and peace of mind to everyone concerned.