Page 108 - Cyber Defense eMagazine July 2024

Strengthening Your Cybersecurity Insurance Posture with

Privileged Access Management (PAM) Solutions

By Martin Cannard, VP of Product Strategy, Netwrix

In an era where cyber threats loom larger than ever, businesses are increasingly relying on cyber
insurance as a critical component of their risk management strategy. Indeed, the Netwrix 2024 Hybrid
Security Trends Report found that 62% of organizations either have such a policy or plan to purchase
one within the next 12 months.

However, to obtain and maintain a comprehensive cyber insurance policy, organizations must
demonstrate adherence to stringent cybersecurity protocols. In the Netwrix survey, 18% of respondents
said they had to make changes to their security strategy to reduce their premium — and 30% had to
make improvements to their security posture to even be eligible for cybersecurity insurance at all.

Privileged Access Management (PAM) solutions are a pivotal technology in this context. In fact, 42% of
organizations reported that they had to have PAM in place in order to obtain their cyber insurance policy,
up from 36% in 2023.

Cyber Defense eMagazine – July 2024 Edition 108
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