“As more companies move to a cloud-first strategy, momentum is accelerating for adopting cloud-based PAM solutions,” said Joseph Carson, Chief Security Scientist at Thycotic. “Going with cloud allows an organization to pay as you go, reduce wasted time, minimize huge upfront investments and automate updates - along with assuring high availability and geo-redundancy from a genuine SaaS PAM solution.”
With more than 90 percent of the world’s data stored in the cloud, moving to PAM in the cloud coincides with Thycotic’s survey results that show unauthorized access — which should be protected by a PAM solution — is the top business risk to cloud environments.
Other results from the survey reveal that IT and security teams are still struggling with getting management and daily users to understand the absolute necessity of PAM solutions: 28 percent said the biggest challenge was convincing team members to use the PAM solution, 24 percent said educating organizations’ leaders, and 19 percent said finding the budget for PAM technology. As the threat of cyber-attacks on privileged accounts continues to rise, naturally the deployment of PAM solutions must continue to increase. As a result, PAM awareness is rapidly growing, but still 85 percent of organizations fail to meet basic PAM security standards. Fortunately, 66 percent of respondents are increasing their knowledge of PAM technologies.