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December 5, 2023

3 Min Read

PRESS RELEASE

CHICAGO, Dec. 5, 2023 — Keeper Security, the leading provider of zero-trust and zero-knowledge cybersecurity software protecting passwords, passkeys, privileged access, secrets and remote connections, today released findings from its Keeper Security Insight Report: Cloud-Based Privileged Access Management. The report explores what IT and security leaders are seeking in a Privileged Access Management (PAM) solution and the benefits of moving away from traditional, on-premises platforms. An overwhelming 82% of respondents said they would be better off moving their on-premises PAM solution to the cloud, with only 36% of IT leaders saying it makes sense to have an on-premises PAM solution in the current economic climate. 

Privileged Access Management is a non-negotiable imperative, but on-prem solutions create challenges 

PAM solutions provide unparalleled control over privileged user activity, safeguarding against unauthorized network access and mitigating insider threats. Yet, traditional PAM solutions are overly complex and expensive, creating barriers to adoption. According to recent research from Keeper, 56% of IT leaders tried to deploy a PAM solution but did not fully implement it, with 92% citing overly-complex solutions as the main reason.

“The complexity and high cost of legacy on-prem PAM solutions create challenges for today’s IT and security professionals,” said Craig Lurey, CTO and Co-founder of Keeper Security. “Yet, securing privileged access to accounts that protect sensitive systems and data is critical. The shift toward cloud-based solutions, that are easier to deploy, provides more efficient and seamless cybersecurity coverage with better security outcomes.”

IT leaders increasingly seek cloud-based solutions

As organizations continue shifting to the cloud, seeking affordable, pervasive solutions, users have become less tolerant of expensive, disparate security tools. Over half (60%) of organizations with on-premises PAM solutions say that PAM being on-prem keeps them from reaching their goals. This is due, in part, to the fact that 85% of organizations require a dedicated staff to manage and maintain their on-premises PAM solutions– an unjustifiable expense as budgets tighten. 

Because on-premises solutions are both antiquated and cost-prohibitive, the shift to cloud-based PAM solutions reflects a strategic alignment with the evolving security and budgetary demands of today’s organizations. This is reflected in the fact that 82% of respondents said they would be better off moving their on-premises PAM solution to the cloud and only 36% of IT leaders say it makes sense to have an on-premises PAM solution in the current economic climate. As macroeconomic pressures may tempt businesses to cut back on security budgets, affordable and easy-to-maintain platforms are critical. 

Cloud-based solutions provide ease of use and heightened security

As businesses navigate digital transformation and evolving cybersecurity threats, the need for robust PAM solutions increases. Moving PAM to the cloud offers a heightened level of security through advanced encryption, Multi-Factor Authentication (MFA) and continuous monitoring. 

The top three benefits respondents seek in a PAM solution include: 

  • Protecting against compromise of privileged credentials by external threat actors (58%)

  • Managing and monitoring privileged user access (58%)

  • Preventing data breaches (48%)

Additional benefits include:

  • Keeping privileged user access updated and preventing “privilege creep” (46%)

  • Protecting against accidental or deliberate misuse of privileged access by company insiders (47%)

  • Increasing visibility and awareness (43%)

  • Preventing phishing attacks (35%)

While cloud service providers invest heavily in securing their infrastructure to provide a fortified environment, organizations should seek solutions built on a zero-trust and zero-knowledge architecture to deliver the highest levels of security, privacy and control over their data. By embracing cloud-based PAM solutions, organizations can shore up their defenses in an era where privileged access management is imperative.

Download the full report to learn more.

Methodology
The report yielded responses from 400 IT and data security leaders in North America and Europe. An independent research firm conducted the survey in 2023.

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