PAM for Cyber Insurance

Rising cyberattack costs demand a sound cyber insurance plan

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.

Cyber insurance qualifications rely on privileged access security

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.

Privileged access management - A fundamental requirement

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.

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Check out our other products: Password Vault For Enterprises | Windows Privilege Manager

Meet key PAM requirements or lose approval

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

Consolidating and securing all privileged account credentials - both human and machine identities
Deploying multi-factor authentication (MFA) for securing admin and other privileged accounts
Enforcing password management best practices at all levels
Ensuring tight internal access controls
Securing remote access and establishing a zero-trust network access model

Regulating and monitoring privileged access
Removing unnecessary standing privileges
Eliminating local administrator accounts and enforcing the least privilege principle
Auditing all activities and generating real-time, actionable alerts
Control, monitor, and audit all access to third-parties
Having a protected backup of business data, passwords, and other credentials

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 helps organizations secure cyber insurance approvals

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.

Privileged Account/Access Management

Establish a central repository for all the privileged accounts and credentials in your organization. Manage privileged accounts from a secure vault and granularly share access with your users and third parties.

Password Best Practices

Implement password best practices including periodic password rotation, enforcing a password complexity based on policies, and generating strong passwords

Manage Privileged Sessions

Allow users to launch secure one-click access to remote IT assets. Monitor and record all privileged session activity, and get detailed reports.

Manage Endpoint Privileges

Eliminate local administrator rights in Windows endpoints and servers. Elevate applications and commands to enforce least privilege across your organization. Allow users to access applications even when they are offline with access codes.

Vendor Access Management

Manage access to vendors and third parties who interact with sensitive data in your organization. Record all their access details and integrate them with a SIEM solution to obtain actionable insights.

Comprehensive Audits and Reports

Track and trace all privileged activity, accounts, and access to organizational data. Audit all actions carried out by users in your organization and generate detailed reports.

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.

Don't take our word for it.
Hear it from customers.

Bill D.

IT Director

Mid-Market(51-1000 emp.)

Apr 26, 2021

"Securden Password Vault for Enterprises is an excellent product"

What do you like best?

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.)

Feb 03, 2021

"Excellent fit for agile organizations"

What do you like best?

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.)

Jun 24, 2020

"An invaluable tool for managed service providers."

What do you like best?

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.)

Jan 29, 2021

"Securden Windows Privilege Manager"

What do you like best?

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.)

Jan 31, 2021

"Incredible support, very good product, we're highly satisfied"

What do you like best?

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.)

Jun 25, 2020

"Incredible support, very good product, we're highly satisfied"

What do you like best?

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.)

Jul 29, 2020

"Simple and effective solution for password management"

What do you like best?

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.

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