Page 110 - Cyber Defense eMagazine July 2024

Demonstrating Proactive Security Measures

Cyber insurers today require organizations to proactively safeguard their IT ecosystems. Forrester
Research estimates that 80% of security breaches involve privileged credentials, including certificates,
keys, passwords and tokens. Dedicated PAM tools can dramatically reduce the chance of security
breaches related to privileged access. The resulting overall breach reduction likelihood translates into
lower risk profiles for insurance purposes. This potentially leads to more favorable insurance premiums
and terms.

Conclusion

As cyber threats evolve, so does the importance of cyber insurance in an organization's risk management
strategy. However, securing advantageous cyber insurance terms requires more than just basic security
measures. Implementing a robust PAM solution plays a strategic role in enhancing an organization’s
security posture, ensuring regulatory and NIST framework compliance, and ultimately fulfilling cyber
insurance requirements. All in all, PAM is not just a fundamental security tool but a strategic asset in
navigating the complexities of cyber insurance procurement and maintenance.

About the Author

An accomplished VP of Product Strategy at Netwrix with a 30-year track
record of success from startups to enterprise software organizations, Martin
Cannard is specifically experienced in the privileged access management
and identity and access management areas. Leveraging his years in the
privilege space, Martin has taken a visionary approach to attack surface
reduction to redefine an established PAM market with Netwrix’s next-
generation zero standing privilege solution. Martin is a seasoned speaker
who regularly participates in global technological events and webinars.

Martin Cannard can be reached at his LinkedIn:
https://www.linkedin.com/in/martincannard/ and at https://www.netwrix.com/

Cyber Defense eMagazine – July 2024 Edition 110
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