Between account numbers, personal information and a variety of passwords, there are many factors that come into play when businesses think about the safety of their digital systems. One way that clients can signal a proactive approach to cybersecurity is by implementing something called privileged access management (PAM). PAM enables companies to limit access to sensitive information within their organization. As a result, PAM protects against internal misuse and credential threats.
IAM vs. PAM
Identity access management (IAM) is used to identify users across an entire organization. IAM could be as simple as providing every employee with their own login and password credentials. This allows the company to protect their data from outside parties. PAM, on the other hand, focuses on permissions granted to specific users. For example, a company using a CRM might grant “Admin” access to a small group of trusted team leaders while the majority of the team operates under roles with tighter restrictions.
High-level security systems have risen in popularity given that many employees work remotely, often utilizing multiple office devices. Businesses may implement firewalls that protect data on company computers, but in cases where an employee works from multiple devices, PAM security can add a level of assurance outside of the office. PAM security is secure across any type of cloud storage units or multi-device users.
PAM Protects the System From the Inside
PAM is a subset of IAM that exists in order to activate security measures at a deeper level within an organization. PAM allows the administrator to allocate levels within their employee systems. The rank of an employee at a given company would be a determining factor in deciding which files are accessible. For example, the CEO of a large firm might have access to all company files, while an employee in a well-defined finance role might be restricted to viewing files that exist solely within the company’s finance department.
Why Use PAM Over IAM?
IAM is a basic security measure. Employees get passwords and theoretically that should keep systems secure. Unfortunately however, that doesn’t work in practice. Breaches often result from employee negligence or failure to adhere to corporate cybersecurity policies. By restricting access to specific people / roles internally, PAM can help mitigate those risk vectors.
If an insured is successful at implementing robust PAM - employees will be divided into different “permission groups” dictating the degree to which they get access to sensitive data. By creating a hierarchy of permissions, organizations limit the risk that all accounts could be attack vectors for a full breach. Furthermore, they can target cybersecurity training to staff members with greater access increasing the odds that they’ll be more responsible.
Final thoughts about PAM:
The next time your clients want cyber liability protection, make sure they are proactive in the ways they think about securing their own internal systems. A business that enacts usage of PAM, IAM and PCI frameworks is much more likely to be approved for a cyber insurance policy. Importantly, businesses that take action in relation to guarding their internal cyber systems are more likely to get quotes quickly – carriers want to see that insureds care about protecting their systems. If your client wishes to obtain a cyber liability policy but doesn’t know where to start, the team at Limit is here to help.
The Limit Perspective
Limit is a digitally-native wholesale insurance broker working on behalf of retailers in multiple lines of insurance and across the United States. Our platform allows clients to:
- Obtain instant quotes from top cyber insurers
- Find up to $3M in Insurance coverage automatically
- Receive a plan with customizable and comprehensive coverage
- 24/7 support
Limit is building a lean, tech-enabled business that can efficiently deliver insurance policies which are tailored to the needs of individual clients. We have taken some of the first steps to revolutionizing the industry and welcome you to learn more on our website: https://www.limit.com/
You can also reach out and connect with us on LinkedIn.