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Organizations are facing challenges regarding granting and enforcing privileged user access rights to computer systems, which increases their security risks, says a study issued Tuesday.
“Privileged access security is essential,” says The 2019 Study on Privileged Access on Security conducted by the Traverse City, Michigan-based Ponemon Institute LLC and commissioned by Arlington, Virginia-based consulting firm Sila Solutions Group. It “restricts and protects access to the powerful administrative accounts that control organizations’ critical servers, databases and networks.”
Some 56% of respondents said they expect the risk of privileged user abuse to increase over the next 12 to 24 months, according to a survey of more than 650 information technology officials conducted by email from July 24 through Aug. 12.
Among other survey results, 52% of respondents said their organizations do not have the capabilities to effectively monitor privileged access; 62% said it was likely their organization assigns privileged access rights that go beyond an individual’s role or responsibilities; and 70% said it was likely that privileged users access sensitive information without a business need.
Ponemon Institute Chairman Larry Ponemon said in a statement in the report, “With organizations facing a multitude of threats on a daily basis, and as the risks related to privileged access security continue getting worse, this year’s survey shows that overall progress towards effective implementation of privileged access management programs continues to stagnate in many areas.”
There is a need for new approaches to managing access rights, according to the report.
Insurtech companies that combine cyber insurance and technology expertise are in the right place at the right time as they fill the growing demand in the space, experts say.