What is PAM and Why Is it Needed?

In a world where data breaches make headlines and insider threats are on the rise, Privileged Access Management (PAM) is crucial to a strong cybersecurity framework. But what is PAM, exactly, and why is it so essential for IT and Security leaders? At its core, PAM is about controlling and monitoring access to an organization’s most sensitive accounts, ensuring that only the right people have the right level of access at the right time. In this article, we’ll explore why PAM is a must-have for organizations looking to protect their critical assets, maintain compliance, and stay one step ahead of cyber threats.

What is PAM and Why is it Needed?

PAM or privileged access management, is a cybersecurity approach that allows organizations to oversee and control every level of user and employee access. 

Privileged access management is critical to an organization's success because as reliance on technology increases so do cybersecurity threats. Organizations can combat many of these threats and stay safe by using PAM software solutions to give them a detailed view of user’s access levels, making it easier to identify and prevent risks. 

What is Vendor PAM?

According to Security Magazine, more than 50% of data breaches reported in 2022 involved third parties. This statistic highlights the vital importance of making sure that any third parties that work with your organization do so in a secure way. One way to ensure this is to use Vendor Privileged Access Management or VPAM. 

VPAM is a tool that provides businesses and organizations a way of monitoring and controlling access to privileged passwords and sensitive IT assets including apps, devices, systems and accounts. These privileged access management tools allow contractors, third parties, and vendors to securely access the apps and assets they need to work effectively with your organization. While at the same time making sure they are only granted access at the minimum level of security that is required.  

Based on the principle of least privilege (PoLP), such VPAM tools ensure that the people who get access to sensitive information are only the ones who need it to complete their jobs. This reduces the risk of both unauthorized access and over-access where third parties may see or gain admission to things they should not. 

Additionally, VPAM enables organizations to grant remote access with a single click saving time and money, and safely sharing passwords to third parties without external risk. 

What are the Benefits of Privileged Access Management?

There are four main benefits of using a PAM solution, which are saving time, saving money, improving compliance, and improving security. Each one will now be discussed in detail below.  

1. PAM Saves Your Organisation Time 

Through IT automation, PAM boosts operational efficiency. This is because by automating access requests your IT department is no longer overwhelmed with tickets requesting access, revoking access and checking the legitimacy of these requests. 

2. PAM Improves Your Organization’s Compliance

Privileged access management tools can be used to log every change and request. This means PAM tool examples like Lumos can make conducting security reviews and checking entitlements incredibly easy. So easy that audits will be a breeze rather than a headache. 

3. PAM Boosts Your Organization’s Security 

By operating on a strategy inspired by the Principle of Least Privilege (PoLP), PAM will boost the security of your business. Only users that need and have been granted access will be able to use specific accounts, limiting over access and unauthorized access and so improving security. 

4. PAM Saves Your Organization Money 

Lastly, PAM can save your organization money, because it reduces operational costs. Tasks can be automated via AI, leaving your IT team to focus on other mission-critical issues. PAM tools can also be used to centralize the data you have for vendor software, allowing you to optimize costs, and easily analyze usage and evaluate and automate renewals. 

What is the Importance of PAM?

Unfortunately, users are often the most vulnerable link in the chain when it comes to cybersecurity. The good news is that PAM tools, by keeping a tighter rein on who can and can't gain access to certain accounts or assets, help enable your IT team to better spot and take action against problematic activities and abuses.

PAM solutions can also help your organization: 

• Make audits and compliance easier with activity logs 
• Reduce the risk of a breach of security 
• Limit external threats 
• Minimize malware attacks

Choose Lumos for all your PAM needs 

When it comes to PAM vendors Lumos is at the top of the tree. Lumos is a Unified Access Platform for IT and Security teams.

Our PAM solution’s secret sauce is that we do not only give our customers the tools to deal with identity governance issues, but we combine this with the benefits of a SaaS management solution including better visibility and improved cost efficiency. 

Our PAM product allows your IT team to better manage access, while also improving productivity and compliance and lowering costs. 

If you’re interested in learning how your organization can reap the benefits of using Lumos PAM products, schedule a demo today!