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More than ever, businesses are vulnerable to cyber attacks and data breaches. For the second year in a row, privileged access management software is top on Gartner’s list of security priorities. PAM protects your company by securing, controlling and monitoring privileged access to your systems and digital assets.

If you are still on the fence about why PAM is important, check out these startling statistics:

74 percent. This number reflects the percentage of breached companies who said the breach involved access to a privileged account. According to market research firm FINN Partners, more than 1,000 IT professionals throughout the country were surveyed, revealing that privileged accounts are vulnerable if not properly protected.

82 percent. Not only are breaches happening at an alarming rate, but it’s taking longer for companies to realize something has happened. This statistic reflects the number of breaches that took more than a week to detect. And, more than 50 percent of breaches take months to detect, according to Verizon’s 2019 Data Breach Investigations Report (DBIR). The longer it takes your company to realize a breach has occurred, the more damage the attackers can do.

40 percent. Almost half of the companies surveyed by Verizon are not aware of how many privileged accounts they have. This highlights how hackers can specifically target these accounts as their best avenue for infiltrating your company. With privilege accounts taking many different forms from admin, domain, network, local, active directory, cloud, emergency, service to application accounts, companies need software to detect and manage them. You can’t protect your accounts if you don’t know they exist.

$3.92 million. This is the average cost of a data breach, according to IBM. Healthcare ranks as the most expensive industry for data breaches, with costs topping $6.45 million.

25,000. Think most data breaches are small? Think again. This number represents the average number of records in a data breach, according to IBM’s 2019 Cost of a Data Breach Report.

83 percent. Market research company Forrester reports that more than three-quarters of all organizations do not have adequate privileged access management practices to prevent breaches. You can’t protect yourself and your assets without the right solutions in place.

49 percent. Research from the Ponemon Institute indicates that 49 percent of businesses do not have strong user access policies. Maybe your IT department doesn’t have the time or resources to establish policies or maybe you are using spreadsheets to manage privileged accounts or you are using a legacy solution that is hard to maintain. Know this, PAM does not need to be complicated, expensive or require outside resources.  Modern PAM software can set you on the path to protection.

If these numbers have you rethinking your current privileged access strategy, don’t worry. Xton Access Manager can help. This enterprise privileged access management solution uses modern software architecture and easily integrated into your overall security strategy. In one, affordable platform you will have all the PAM features needed to secure privileged access, meet compliance requirements and protect against threats.

PAM stats infographic 7 Numbers to Know about privileged access management PAM

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