Privileged Access Management - The Right Way To Digital Business Security

When all management processes in business and other spheres are almost entirely computerized, and all decisions and contracts are made online, digital security is more relevant than ever. Information is now as valuable as money and sometimes even more, so access to valuable information inside the company should be strictly regulated. A strictly limited number of people should have an opportunity to operate with confidential information, which is the most commercially sensitive. This is the main task of Privileged Access Management. 

What Is Special About Privileged Access Management?

 Privileged Access Management, or PAM is a complex system. The more complex the system is configured, the better because it reduces the likelihood of an employee accidentally obtaining critical information without the necessary access and reduces the risk of a successful cyberattack by hackers. 

Using this digital security strategy involves many restrictive protocols necessary for it to work such as gaining access to organization passwords and accessing the personal data of senior management. PAM provides blocking the addition or removal of users from the system without special notification of authorized persons, or as they are also called super-users, and detection of attempts of such unauthorized actions. 

Nuances of Working With Privileged Access Management 

For PAM to successfully perform its functions, its work should be regulated. The company should choose reliable and professional people for the position of the administrator who will have access to the most sensitive information. To make a thorough background check of these candidates to rule out the risks of industrial espionage or dishonesty and then define a clear vertical of access to information with limited access.

Thus, during a possible failure or leak at a particular stage of information processing, it will always be possible to identify the person responsible for the problem and eliminate it with minor losses.

Privileged Access Management - Internal Controls and Cybersecurity Threats

At the beginning of working with the PAM system, business owners and technical specialists determine the number of accounts and processes that will have privileged access. After that, the policy of obtaining privileged access is stipulated. 

Internal Security Control

• Separate password vault - only passwords to privileged accounts will be stored there, and as few people as possible should have access to the vault.
• Multi-step authentication (MFA) - a secure login system for administrators for more security control.
• Session control - all actions during the session and the time of the session itself should be logged and stored in a separate database.
• Access manager - a separate directory that stores information about everyone with access to privileged accounts.
• Dynamic sessions - opening access to protected accounts for a defined period to reduce the risk of theft of important information.

Prevent Cyber-Attacks

Privileged accounts are the desired target for cybercriminals because they can store access to a company's financial operations and even bank account passwords. Therefore, in addition to installing the recommended firewalls, it is recommended to implement several additional protection settings:

• Principle of least privilege - the user should have the least possible access to perform the necessary work.
• Automation process  - removing the human factor reduces the risk of compromise.
• Control and audit - monitoring reports and regular audits of all even entries should become a common company practice.

Instead of An Afterword 

Privileged Access Management in today's world is no longer a question of prioritization or extra business hedging. When the number of cyberattacks is growing every year and numbering in the millions, the need to integrate PAM into business is no longer an option. It is as much a necessity as paying taxes or paying employee salaries.

There are many privileged access management systems, each of which has advantages and disadvantages in various aspects of privileged access management. Let's assume this point was not considered when building your business strategy. In that case, there is no doubt that over time your business will fall victim to cybercriminals or suffer from the dishonesty or negligence of its employees. There are many privileged access management systems, each with its own advantages and disadvantages in various aspects of privileged access management.