ThycoticCentrify recently released research revealing more than half of American businesses have faced privileged credential theft and insider threats in the past year. The survey of 150 IT decision-makers across the U.S. was conducted by CensusWide in May 2021.
ThycoticCentrify arose from the merger from Centrify and Thycotic, two noted members of the privileged access management (PAM) market. It works to reduce risk, complexity, and cost while securing organizations’ data, devices, and code across cloud, on-premises, and hybrid environments. Additionally, it works to help businesses with their digital transformations.
According to the research, commissioned by ThycoticCentrify with CensusWide, 53 percent of enterprises dealt with legitimate privileged credential theft. Additionally, 52 percent of organizations faced insider threat attacks. Worse, in 85 percent of the privileged theft incidents, the cyber-criminals responsible were able to access critical systems. Meanwhile, 66 percent of insider threats led to abuse of administrative privileges to illegitimately access critical systems.
David McNeely, CTO at ThycoticCentrify, gave a statement with the release of the research. “IT administrators hold the keys to the most sensitive and mission-critical parts of the kingdom, and both internal and external attackers are taking full advantage. Abusing access to these systems can lead to full-scale breaches that grab headlines and impact trust in the organization. While there is no single solution that can eliminate every one of these risk factors, adopting Zero Trust principles is an excellent start.”
Tony Goulding, Cybersecurity Evangelist at ThycoticCentrify, also shared his thoughts. “There are many on-ramps to Zero Trust. But with privileged identities playing such a key role in most data breaches, it makes sense to begin that journey with a modern PAM solution built around a least privilege model of access control.”
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