While the modern business world becomes ever more digital, the need for insurance remains consistent across time. Lloyds of London, for instance, dates to the 17th century, building a global reputation for meeting the ever-changing requirements for insurance.
Unlike the 17th century, however, today’s demand is for cyber insurance.
With digitized business processes and data migrating to the Cloud, IT security is the biggest challenge organizations face, with a need to defend against data theft and other cyber-crime in an increasingly digital economy.
Data Breaches by the Numbers
Sadly, many businesses, both large and small, will be the subject of a cyber-attack. Ponemon reports that 89% of businesses experience a cyber-attack. Of all reported data breaches in 2017, the majority were facilitated by insufficient cybersecurity practices.
The majority of cyber attacks in 2017 were the result of insufficient cybersecurity practices
As cyber crime increases globally year after year, what exactly are organizations facing in terms of cyber threats?
- 5 million data records are stolen every day
- 74% of IT security breaches were achieved through stolen login credentials
- Only 4% of cybersecurity breaches were “secure” with encrypted data. An overwhelming 96% of stolen data is unencrypted
- It takes an average of 46 days to resolved a cyber attack
- Compliance fees can cost more than $20 million, on top of business costs
Reduce Risk Exposure with Privileged Access Management
If it’s no longer a question of if, but when IT data and systems security will be breached, what remains to be determined is the severity. With robust cybersecurity policies and technologies in place, you can prevent cyber-attacks and mitigate the damage when a breach occurs, enabling quick response to minimize losses and keep businesses moving.
Privileged Access Management (PAM) integrates seamlessly with businesses’ existing systems for fast and painless deployment and adoption while facilitating robust data security and compliance with strict regulations.
- Comply with GDPR, NIS, PCI DSS, and more regulations
- Adapt and evolve with your IT infrastructure
- Manage & monitor 3rd-party and remote access to sensitive data
- Record an unalterable audit log of all privileged activity and sessions
Privileged Access Management IS cyber insurance against misuse of access to sensitive resources
When stolen or lost login credentials are responsible for three quarters of all data breaches, controlling access is critical to your organization’s IT security. Clear management of privileged accounts protects your business from leaked logins, insuring your data and servers remain unbreached.
PAM is cyber insurance: ensure your business is protected against accidental or intentional misuse of access to sensitive resources.
Learn more about the modern security challenges inherent in insuring your organization against cyber threats in this whitepaper: