Using Privileged Access Management to Improve Security

According to a report from IBM, the number of cyberattacks that used stolen credentials rose by 71% in 2023. Because so many of today’s attacks use valid user credentials, cybersecurity strategies need a renewed focus on monitoring and preventing unauthorized access.

Additionally, there are several compliance frameworks – particularly NIST v2.0 – that includes a “Protect” section of the framework to address privileged access management. This underscores the significant risks posed by unauthorized access and for firms to govern who has the proper authorization to use data, systems, or tools.

Understanding NIST 2.0

In February 2024, the National Institute of Standards and Technology (NIST) part of the Department of Commerce, released version 2.0 of its Cybersecurity Framework. NIST 2.0 provides updates to the framework and related documentation, addressing cyber threats that have emerged since its original publication in 2014. NIST 2.0 delivers key guidance for organizations seeking to safeguard their data, proprietary information, and intellectual property. NIST 2.0 seeks to help organizations address this urgent problem with systematic controls designed to keep unauthorized users out.

Why this Matters to Dealers

For dealers, implementing Privileged Access Management (PAM) can be a difficult challenge to overcome without the right cybersecurity tools in place. At Sedona Safeguard, we recommend sophisticated PAM enablement tools to ensure that unauthorized access is managed, responded to, and mitigated.

Here are some reasons why dealers need to implement PAM in a comprehensive manner:

• Manual solutions for implementing PAM practices have been proven to be extremely tedious and insufficient.
• Having centralized administrative access can hinder operational complexity.
• Giving away important access points to privileged accounts could catastrophically compromise the security of a system.
• Even your most well-intentioned employees are prone to error and aren’t completely safe from unintentionally compromising access to sensitive data, and tools.
• Not even passwords on spreadsheets help because they only track passwords that are kept up to date, and they hinder credential rotation.
• Today, your organization’s most valuable and critical assets are threatened by cyber-attacks that come in many forms, such as malware, phishing human error, and security breaches.

Privileged access management prevents attacks by controlling access to privileged accounts, eliminating breaches due to password sharing, and mitigating risky behavior in real time. It also ensures that your environment meets compliance requirements and protects both your data, systems, and tools.