Page 109 - Cyber Defense eMagazine July 2024

Mitigating Insider Threats

Insider threats pose a significant risk to data security. The frequency and financial impact of insider-
related incidents keep increasing, averaging an annual cost of $15.38 million, according to the 2022 Cost
of Insider Threats Report by Ponemon Institute.

Accordingly, insider threat protection is a key element in cyber insurance risk assessments. PAM directly
reduces this aspect of an organization’s risk profile by enforcing strict access controls and providing close
surveillance of privileged accounts, thereby making it more favorable in the eyes of insurers.

Facilitating Regulatory Compliance and Alignment with Cybersecurity Frameworks

Cyber insurance providers frequently mandate proof of adherence to regulatory standards like GDPR,
HIPAA, and PCI DSS. These regulations demand rigorous management of access to sensitive
information — an area where PAM solutions excel.

Moreover, integrating PAM into security protocols helps organizations align with cybersecurity
frameworks like NIST CSF and COBIT. Insurers often view such alignment as a testament to an
organization’s commitment to cybersecurity because these frameworks provide best practices and key
benchmarks for mitigating risk.

PAM solutions are crucial in aligning with the NIST cybersecurity framework. In this case, such solutions
help organizations:

• Identify and protect critical assets: PAM solutions identify privileged accounts and provide
robust protections to secure them.
• Detect anomalous activity: Through continuous monitoring and logging of privileged account
activity, PAM aids in the early detection of potential security breaches.
• Respond promptly to incidents: PAM enables organizations to quickly restrict access to
compromised accounts.

Transport and logistics service provider H. Essers provides a real-life example of how PAM assists in
aligning with NIST. The company had achieved ISO 27001 certification, but they also needed to comply
with the NIST framework to meet cyber insurance requirements. Netwrix Privilege Secure, a
comprehensive PAM solution, enabled them to gain the strong control and monitoring they needed over
vendor and contractor access to company systems through capabilities like multifactor authentication
(MFA) for admin sessions and improved password management — which enabled them to secure the
renewal of their cyber insurance. Plus, the solution also fulfilled their requirements for ease of use,
scalability, and agility to adapt to changing cyber insurance demands. Indeed, the solution enabled the
company to “avoid large-scale consultancy costs and shorten the setup process to a single day,
compared to the several weeks required by other products,” according to Ivar Indekeu, Senior Manager
of IT Operations for H. Essers.

Cyber Defense eMagazine – July 2024 Edition 109
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