Recently, a Government organization from Healthcare industry in APAC region revealed that almost 14,000 health records were leaked online because of a malicious insider. The organization never thought that they could lose their sensitive health records to someone trustworthy (apparently) in unbelievably nasty way. Couple of months back this incident shook the cyber world and forced every global organization to reinforce security audit of their IT infrastructure, employee roles, their activities and access control mechanisms.
Privileged Access Management (PAM) has become an integral part of overall cyber security framework for any modern-day organization. As privileged accounts provide access to confidential information, securing them from any untoward incident (abuse of privileged credentials or accounts) remains one of the major concerns for the Security and Risk management pros.
Over the last few months, the team at IT Central Station reached out to ARCON Privileged Access Management customers with one goal: to find out what they really think about their experiences with ARCON.
As the leading user review platform for enterprise technology solutions, we are always on the hunt for user feedback that can help our growing community of tech professionals make future buying decisions for their companies. Dubbed as “The Yelp of Enterprise Technology” by the Wall Street Journal, we have created a long-standing reputation of offering trusted, current and relevant information about enterprise technology solutions without vendor bias.
Enterprises are allotting more budgets on emerging technologies that are proactive in detecting current and emerging threats. For 2018-19, the CISOs, CTOs and CIOs are eyeing on tools that use machine learning algorithms to secure companies’ digital assets, enterprise network and privilege accounts.
The expenditure on cyber security has seen a significant rise in the recent past especially after Facebook data breach, Uber data theft or even Bangladesh bank heist incidents. The digital threats are omnipresent, where the perpetrators siphon off digital money and crucial data in a day or may be for months. Worried CIOs are imploring the management to let them invest in cutting-edge technologies that can protect the privileged accounts and thwart threats.
Proactive protection is the safest way out
Who would have thought about a decade ago that digital revolution could completely transform the way organizations conduct routine operations?
From large retailers analyzing and predicting customers’ purchasing decisions to supply chain firms adopting ‘smart’ technologies to ensure quality controls, disruptive technologies such as big data analytics and the IOTs have enabled firms to capture and effectively use the vital statistics in a real-time.
A $101 million bank heist, earlier this year, brought the issue of cybersecurity to the forefront once again. In a sophisticated operation, cybercriminals robbed the Central Bank of Bangladesh by getting hold of SWIFT (society for Worldwide Interbank Financial Telecommunication code), the access code for global cross-border payment messaging system.
More important, it wasn’t an isolated case. Even as the dust over Bangladesh bank incident had not settled, the global banking system was again taken aback. This time it was an Ecuador bank, which was hit by a $12 million cyber-heist. The modus operandi was same.
All the top businesses today – Manufacturing& Distribution, Banking & Financial Services, Consumer Products & Services, Technology, Media & Communications, Healthcare & Life Sciences and Energy & Utilities – are expected to grow at a fast pace in the coming decade.
However the evolution of these businesses comes at the cost of rising risks. Analyzing and mitigating the risk factors should take precedence when devising strategies.
Several global studies report the following 10 risks businesses face as of 2016 and beyond:
When I had started out in this industry, I had absolutely no clue of what Privileged Identity Management meant. In fact, not for a moment I thought it had something to do with security let alone cyber-security. I was deceived by the term ‘Privileged’ so much so that I started considering it be an elitist term which is like a badge to be worn proudly by some. But what I got to know about this was a complete paradigm shift. Yes of course I was right in thinking that it is a sort of title so to speak conferred only upon a select few. But that they can be threats never crossed my mind. Over the years, I observed that not many could easily understand the real meaning behind the term Privileged Identity Management or Privileged Access Management or Privileged User Management or other terms that this concept is referred to by. I pondered and pondered of how this can be explained in simple language to a layman. So here’s my attempt at it.
Summary: In 2014, the world learned the hard way about data breaches due to insider threats. Learn why insider threats have become an increasing security risk and how to protect one’s self from it.
In a world where data breaches are quickly becoming commonplace, even the best security technology in the world can’t help your organization to protect itself from security breaches unless your employees understand their roles and responsibilities in safeguarding sensitive data and protecting company resources.
Summary : Millions have been invested in securing the periphery, however little or no investment is made in securing the access to the core of any system i.e. Privileged Identities
A BIG hole in Identity Management
The last decade has seen several debates on Identity Management and the best possible ways to address the growing disconnect in the much interconnected world. While there has been substantial efforts in managing the identities of an organization either with manual processes or recently by implementing IDM technologies, there has been a glaring hole in the approach as most of the identity management solutions are not able to address the challenges posed by privileged accounts.