December 5, 2023 at 06:55PM
Keeper Security’s report highlights IT leaders’ preference for cloud-based over on-premises Privileged Access Management (PAM) solutions due to cost and complexity concerns. 82% favor moving PAM to the cloud for better security and efficiency. The report also emphasizes the need for zero-trust and zero-knowledge cybersecurity in the current economic climate.
Meeting Takeaways:
1. **Report Summary**:
– Keeper Security released the “Keeper Security Insight Report: Cloud-Based Privileged Access Management.”
– The report discusses the preferences of IT and security leaders for Privileged Access Management (PAM) solutions.
2. **On-Premises PAM vs. Cloud-Based PAM**:
– A significant 82% of surveyed leaders advocated moving on-premises PAM solutions to the cloud.
– Only 36% find it rational to keep PAM solutions on-premises in the current economic context.
3. **Challenges with On-Premises PAM**:
– On-premises PAM solutions are seen as complex and expensive (56% of IT leaders faced deployment issues).
– 92% stated that complexity was the main barrier to full implementation.
4. **Leadership Perspective**:
– Craig Lurey, CTO and Co-founder of Keeper Security, acknowledges the necessity of securing privileged access but recognizes the challenges posed by legacy PAM systems.
5. **Organizational Goals and On-Premises PAM**:
– 60% believe on-premises PAM hinders achieving organizational goals.
– 85% of organizations with on-prem solutions require dedicated staff, leading to high operational costs.
6. **Advantages of Cloud-Based PAM**:
– Cloud-based PAM offers cost savings, scalability, and alignment with security and economic demands.
– Provides advanced encryption, Multi-Factor Authentication (MFA), and continuous monitoring.
7. **Expected Benefits of PAM Solutions**:
– Protection against privileged credentials’ compromise by external actors (58%).
– Management and monitoring of privileged user access (58%).
– Prevention of data breaches (48%).
– Maintaining updated privileged user access and mitigating privilege creep (46%).
– Insulation from internal misuse of privileged access (47%).
– Improved visibility and awareness (43%).
– Reduction of phishing attack risks (35%).
8. **Recommendation**:
– Embracing cloud-based PAM that utilizes zero-trust and zero-knowledge architecture ensures high levels of security and data control.
– Enterprises need to adapt cloud-based PAM in response to the criticality of privileged access management in current times.
9. **Methodology of the Report**:
– The study includes responses from 400 IT and data security leaders across North America and Europe.
– An independent research firm conducted the survey in 2023.
10. **Call to Action**:
– Interested parties are encouraged to download the full report for detailed insights.