Meet Cyber Insurance Requirements with Securden Unified PAM

Cyberattacks can prove to be a costly affair. According to Cybersecurity Ventures estimates, cybercrimes are set to cost IT organizations globally $10.5 trillion by the year 2025. With yet another cyberattack just around the corner, organizations running for cover have found a silver lining in cyber insurance. However, with soaring Cyber insurance costs, organizations are compelled to demonstrate a solid overall security posture that includes robust privileged access security practices to ensure adequate coverage at affordable rates.
Cybersecurity insurance, also called cyber liability insurance or cyber insurance, aims to reduce the financial risks associated with various online activities and cyberattacks. The insurance policy transfers some of the risks to the insurer.
In general, cyber insurance policies are designed to cover the cybercrime costs associated with damage and destruction of data, theft of intellectual property and business data, and lost productivity due to disruption to the business. In addition, expenses related to forensic investigation, and restoration of hacked data and systems are also covered.
The dynamic and fluctuating nature of cyber risks means a lack of data for the insurers to formulate necessary risk models. Therefore, insurers have set stringent security requirements for organizations before rolling out an insurance cover. The requirements revolve around various forms of network security, data privacy, data backup, cybersecurity awareness, MFA, email security, and endpoint protection measures, among others.
With a vast majority of cyberattacks reported to be happening due to stolen credentials and misuse of privileged access, Privileged Access Management (PAM) has turned out to be one of the major prerequisites for cyber insurance cover. The lack of a robust PAM strategy could result in the outright rejection of requests and policy renewals.
With digitization all around us, the increasing volume of business applications and interconnected devices are opening up vulnerabilities that cyber criminals could exploit, leading to full-blown attacks. Cyber insurers recognize PAM as an effective tool in safeguarding your network and protecting sensitive data.
With more than 80% of attacks involving passwords, keys, tokens, certificates, and other credentials, insurers have set tight evaluation guidelines in their approval process. When it comes to protecting and managing privileged account credentials and access, the guidelines are very stringent. Some of the critical aspects of the insurer's assessment related to PAM include
Organizations are required not just to adopt these practices but also to prove that these practices are strictly followed. Otherwise, they may not qualify for cyber insurance or result in limited and expensive coverage.
Securden Unified PAM is an all-in-one solution, housing all aspects of privileged access security. It helps organizations ensure security best practices and land a sound cyber insurance plan. Unified PAM helps organizations meet insurance guidelines with aspects covering all requirements of access security.
Unified PAM effectively safeguards your network, secures access to data, and protects against cyberattacks. This effectively mitigates the primary risks that cause breaches and demonstrates a strong cybersecurity posture. Giving insurers the confidence to grant cyber insurance approvals.
Bill D.
IT Director
Mid-Market(51-1000 emp.)
Excellent tool for securely storing passwords, SSH keys, and other credentials. It provides an easy-to-use interface to managing password access permissions (sharing), and a quick way to view who has access to specific passwords.
I also find their support team to be excellent. They are quick to answer questions, and they have also released updates to the product to specifically address a feature that we needed. They are great to work with.
Executive Sponsor in Legal Services
Mid-Market(51-1000 emp.)
The system does exactly what it needs to. The team behind it is stellar and has been very responsive in expanding the API to cover a number of custom scripting points.
Executive Sponsor in Information Technology and Services
Small-Business(50 or fewer emp.)
As a managed service provider, I needed a way to centrally and securely store the credentials we use to manage our customers environments. Securden Password Vault enables me to do this with all of the granular access control, multi-factor authentication and access reporting that I need. I am very pleased with the product and would recommend it to any managed service provider looking to maintain a central credential store. The password policy, which includes both strength and duration of passwords, with the ability to generate a password that meets the policy is also very powerful. This central store, accessed from anywhere with an internet connection and also from a mobile app has enabled us to realise our goal of not communicating passwords over email or storing passwords in insecure locations.
Hocine Karare
Network Administrator
North Sydney Council
Great product with outstanding support, and this is what makes the secret recipe.
Jacob V
Systems Engineer
Mid-Market(51-1000 emp.)
We have been utilizing and implementing Securden over the past year and this product has provided us with a way to allow our end users to run programs and features with administrative credentials without being a full blown administrator on the machine. This has been a great way to minimize the security risk in our environment.
Ricardo P
Senior Network Security Engineer
Small-Business(50 or fewer emp.)
I got answers for every question, during trial and afterwards. Support was fast and efficient. PAM got our own passwords safe and gave us a single, centralized way to manage customers' passwords and remote access through a single interface. Price tag is very good as well.
Luke W
Mid-Market(51-1000 emp.)
After trialling several different password managers, we shortlisted Securden as the only one that was able to manage our requirements in a cost effective manner. The system was easy to install and configure, and is heavily relied on in our organisation. Users find the platform easy to use, and so our adoption rates are very high.
Jeff K
Senior IT Administrator
Mid-Market(51-1000 emp.)
I like that the database is encrypted and in-house. We really didn't want to store anything in the cloud, much less any of the major brands that seem to be hacked more which we didn't want any part of.
Martin Smith
Network Engineer
Wightfibre
Great backup support and good value for smaller companies.
Pasi Väyrynen
IT Specialist
It is always nice to hear that you are doing the improvements with a great devotion. Securden is a good product and we are happy customers :)
Joe Head
Network Administrator
We are loving this system, extend my praise to your entire team!
Mike Kanakos
System Administrator, Active Directory Expert
The software has a super-clean interface, pretty slick, and is easy to understand. The product is pretty deep in functionality and I really just scratched the surface on what it can do and how well it works.
IT security specialists from a UK-based firm performed various penetration tests and concluded that Securden is well-built with a top-notch security model. Learn More.
-- Experts from Agile Infosec, London.
Securden technical consultant will walk you through the important features demonstrating how you can safeguard the keys to your kingdom.