The rising tide of privileged access management: A cybersecurity imperative

With the acceleration of digital maturity and technology-driven operations, organisations need to be extra vigilant about data security. This is especially true when sensitive consumer data is vital to an organisation’s foundation and infrastructure. As the reliance on data increases, the possibility of new cybersecurity threats also increases, including when it comes to safeguarding privileged accounts.

Cybercriminals seek critical information through identity and privileged accounts or those with higher access rights to important systems and data. Breach of these accounts can have disastrous repercussions, including reputational harm, data breaches, and financial loss. It is now more important than ever for organisations to have strong identity security and privileged access management (PAM) solutions as a part of their cybersecurity strategy.

PAM is an essential part of any modern cybersecurity strategy, but organisations often lack the ability to discover and control their privileged identities. In ManageEngine’s 2024 Identity Security Survey, respondents were asked to rate the visibility and control they had over their privileged identities. Of the respondents in India, 67% reported having complete visibility, while only 56% indicated having full control over them. Without complete visibility and control, organisations are at a greater risk of unauthorised access to sensitive information, compliance

violations, and security threats, including malicious insiders, human errors, and privilege abuse. To prevent such risks, it’s important to have a proper privileged access management strategy in place.

A cybercriminal with access to a privileged account may alter, remove, or steal important data, disrupting business operations and causing financial losses. When privileged accounts are compromised, hackers can use these accounts to access confidential information like financial records, customer information, and intellectual property. They can also wreak havoc by turning off vital systems. Furthermore, by launching lateral assaults through these accounts, attackers may obtain unauthorised access to other networks and systems inside the company.

If such situations are the result of insufficient privileged access protections, the associated regulatory penalties are high. A stringent PAM strategy ensures that users only have access to the resources required for their tasks, controlling access to important systems and enforcing the principle of least privilege, all of which contribute to an enhanced security posture. It also improves visibility and control by enabling organisations to keep track of who has access to what systems, when, and why. This insight is crucial for identifying and stopping suspicious activity. By satisfying legal requirements and proving that organisations have taken the required precautions to secure their digital assets, a PAM strategy is also critical in assuring compliance.

A major cybersecurity worry is the safeguarding of privileged accounts as firms continue to embrace digital transformation. While the strategic emphasis is on identity security and avoiding misuse of access, the focus should also be on how AI integration can help tackle threats. Organisations can take preemptive action thanks to AI-driven systems ability to recognize anomalies, such as an administrator accessing systems outside of their normal scope of work or logging in at an unexpected time.

As India progresses towards becoming a digital-first economy, prioritising cybersecurity will be essential in safeguarding against potential cyberattacks and ensuring a secure digital environment for organisations and individuals. This disruption can be catapulted with the integration of AI and ML into a larger cybersecurity plan, including facets of identity security and PAM solutions. Additionally, the adoption of strict identity security measures and PAM protocols can ensure seamless and secure operations for organisations.