91% of IT Leaders Prioritize Privileged Access Management Amid Economic Uncertainty

Discover how IT leaders are benefiting from Privileged Access Management (PAM) according to a Keeper Security survey. Learn why 91% value PAM for security, while seeking cost-effective solutions amid economic uncertainty.

Keeper Security, a prominent provider of cloud-based cybersecurity software focusing on zero-trust and zero-knowledge principles for safeguarding passwords, confidential data, connections, and privileged access, has shared insights from its survey titled “Deployment Amid Economic Uncertainty,” which centers on Privileged Access Management (PAM). The survey findings, derived from IT and security executives worldwide, shed light on the significance of PAM solutions in the security framework. However, challenges like cost constraints and intricate solutions have hindered their implementation. Notably, 56% of respondents attempted PAM deployment without full execution due to overly complex solutions (cited by 92% as the primary reason). Additionally, traditional expensive platforms deterred 58% of IT teams from adopting PAM solutions.

While PAM solutions play a critical role, their adoption is hampered by elevated costs and complexity. In today’s landscape, organizations require flexible identity security measures to counter cybersecurity threats, encompassing vigilance against unauthorized access to sensitive information and crucial assets.

An impressive 91% of IT leaders affirm that their PAM product has bolstered control over privileged user activity, thereby reducing the risks associated with internal and external breaches. Despite these benefits, 62% of IT leaders express a likelihood of downsizing their current PAM platform due to economic downturns. Amid economic pressures that might tempt budget cuts in security, the deployment of PAM solutions becomes even more pivotal.

Darren Guccione, CEO and co-founder of Keeper Security, emphasizes the exponential rise in data breaches and cyberattacks when PAM solutions are absent. He asserts that stolen or compromised credentials, coupled with escalated privileges through lateral movement, form the core of successful breaches. Hence, organizations require straightforward and affordable PAM solutions to outpace cybercriminals. The industry’s evolution should entail solutions equipped with the features sought by modern IT leaders.

The survey’s participants underscore the necessity for streamlined solutions that facilitate rapid provisioning and user-friendliness, citing complexity as a hindrance. Among the survey respondents, 56% embarked on PAM deployment but fell short of complete implementation, with 92% attributing this to the solution’s excessive intricacy. Consequently, there is a demand for simpler yet potent PAM solutions.

Typically, PAM products demand substantial dedicated personnel for operation, posing an adoption barrier for resource-strapped organizations. The quest for easily deployable and maintainable PAM solutions is urgent, given that 85% of surveyed IT leaders state their PAM requires dedicated staff for management.

The survey reveals a strong inclination toward smaller-scale PAM solutions, with the top three benefits identified as ease of management/maintenance (70%), seamless integration into existing tech infrastructure (55%), and cost-effectiveness by eliminating unnecessary features (44%).

Regarding essential functionalities, respondents frequently employ certain PAM features within their organizations:

• Two-factor authentication (62%)
• Role-based security (58%)
• Reporting and auditing (51%)

The push for widespread PAM adoption hinges on lowering costs and enhancing usability. In the current environment marked by budgetary constraints and staff reductions, IT leaders seek modern PAM solutions encompassing password, secrets, and privileged connection management capabilities. These solutions should be swift to implement, affordable, and straightforward to comprehend and integrate.

In an ever-evolving landscape of cybersecurity challenges, the findings of the Keeper Security survey highlight a critical shift in the strategies employed by IT leaders. With 91% of these leaders attesting to the tangible benefits of PAM in bolstering their defenses, it is evident that PAM has emerged as an indispensable safeguard against escalating cyber threats. However, this endorsement comes hand in hand with a call for action – a plea for affordable and streamlined PAM solutions. As economic uncertainties continue to cast their shadow, the survey underscores the need for adaptable and cost-effective security measures. The symbiotic relationship between security efficacy and financial prudence has never been clearer. The path forward lies in the hands of innovators and developers who can bridge this gap, ushering in a new era of comprehensive yet accessible cybersecurity solutions. As IT leaders navigate uncharted waters, the fusion of protection and affordability will undoubtedly shape the next chapter in the ongoing battle for digital resilience.

For further insights, the full report is available for download.