Data breaches are more prevalent than ever in today's world, and they can have devastating consequences for businesses. According to a report by IBM, the average cost of a data breach is $4.35 million, and it takes an average of 277 days to identify and 70 days to contain a data breach.
This means that companies have less than a year to detect and mitigate the effects of a data breach, which can be a daunting task. However, privileged access management solutions can help businesses identify data breaches quickly and take steps to contain them.
What is the definition of privileged access management?
Privileged access management (PAM) refers to the processes, technologies, and policies used to manage and control privileged access to critical assets, such as databases, servers, and applications. PAM solutions are designed to prevent unauthorized access to these assets and ensure that only authorized users have access to them.
How can privileged access management help identify data breaches?
PAM solutions can help identify data breaches in several ways. Here are some examples:
Real-time monitoring: PAM solutions can monitor privileged user activity in real-time, providing visibility into who is accessing critical assets, when, and from where. This can help identify unusual activity that may indicate a data breach, such as multiple failed login attempts, unusual login times, or access from unfamiliar locations.
Anomaly detection: PAM solutions can use machine learning algorithms to detect anomalous behavior that may indicate a data breach. For example, if a user who normally accesses a particular asset only during regular business hours suddenly accesses it at 3 am, this may indicate a data breach.
Audit trails: PAM solutions can generate detailed audit trails that record every action taken by privileged users, including who performed the action, when, and from where. This can help identify the source of a data breach and provide evidence for forensic investigations.
Automated alerts: PAM solutions can be configured to send automated alerts when certain events occur, such as failed login attempts, access from unfamiliar locations, or changes to critical assets. This can help security teams respond quickly to potential data breaches and take steps to mitigate the damage.
What is the average time to identify a data breach?
According to the IBM report mentioned earlier, it takes an average of 277 days to identify and 70 days to contain a data breach. This is a long time, and it means that businesses may be unaware that their data has been compromised for almost a year. During this time, attackers can continue to access and steal data, putting businesses at risk of financial loss, reputational damage, and legal liability.
How can privileged access management solutions reduce the time to identify data breaches?
PAM solutions can help reduce the time to identify data breaches in several ways:
Real-time monitoring: PAM solutions can detect data breaches as they occur, providing security teams with real-time alerts and notifications. This can help them respond quickly and take steps to mitigate the damage.
Automated responses: PAM solutions can be configured to take automated actions when certain events occur, such as locking out users who have failed multiple login attempts or blocking access from unfamiliar locations. This can help prevent data breaches from occurring in the first place.
Faster investigations: PAM solutions can provide detailed audit trails and other forensic data that can help security teams identify the source of a data breach more quickly. This can help them take corrective action faster and reduce the overall impact of the breach.
In conclusion, data breaches can have devastating consequences for businesses, and the average time to identify them is far too long. However, privileged access management solutions can help businesses identify data breaches quickly and take steps to mitigate the damage. If you need such assistance, Kron's advanced PAM suite Single Connect is the ideal solution for you to achieve a comprehensive access and data security. As being stated in the KuppingerCole Leadership Compass for PAM, Kron's PAM suite is a strong solution that have the capability of combining distinctive Privileged Access Management functionalities under a single PAM platform.
Contact us for more information about Single Connect and discuss your specific PAM needs with our expert team.