By Jordan True
WASHINGTON, Oct. 5, 2017 /PRNewswire/ — Thycotic, a provider of privileged account management (PAM) solutions for more than 7,500 organizations worldwide, in conjunction with Cybersecurity Ventures, a leading research and market intelligence firm focused on the cybersecurity industry, have released a joint market report that evaluates the relationship between complex cybersecurity and the frequency of the latest vulnerabilities and cyberattacks. According to the report, as the crisis in complexity for cybersecurity continues to escalate, the mandate to adopt more effective solutions will only grow in importance. By implementing simplified, automated and cost-effective cybersecurity solutions that contribute value to the productivity of IT professionals, the cybersecurity industry could potentially save billions of dollars for its customers, as well as an enormous amount of time and effort.
“Cyberthreats are becoming mainstream,” said Joseph Carson, Chief Security Scientist at Thycotic. “Unfortunately, traditional cybersecurity is no longer sustainable. It is often too complex, too difficult to manage and as a result they are too costly—both in time and money. Therefore, organizations will have little choice but to accelerate the move to simpler solutions that remove complex management demands on IT staff while at the same time building in more secure, seamless integrations.”
Chief Information Security Officers (CISOs) around the world are making decisions today based on solutions that are outdated and not capable of keeping up with the speed of today’s threats. Organizations are spending blindly on security solutions that will be extinct because they are not aware that many of today’s IT security solutions contain lethal attributes that are incapable of delivering the protection needed at the rapid pace of evolving cyber threats. This is a major reason why companies are experiencing cyber-attacks, despite investing billions on IT security.
“Far too many companies are installing and managing cybersecurity software ‘like it’s 1999.’ Spending months to perform software upgrades or waiting for skilled professionals to become available is no longer a viable cybersecurity strategy,” said Steve Morgan, editor-in-chief, Cybersecurity Ventures. “In the race to stop the rapidly morphing exploits of hackers and cyber criminals, complexity in cybersecurity solutions acts as a ball and chain, preventing us from ever catching up.”
Thycotic products incorporate the key principles of a simplified solution. However, according to the company, simplified does not mean PAM solutions are less robust or lack enterprise scalability. Thycotic PAM solutions, such as Secret Server, are easily customizable to fit a specific environment whether administrators rely on REST API or writing custom powershell scripts. Thycotic PAM tools encompass the full privilege security spectrum of security, with High Availability and GeoReplication capabilities to ensure that any global organization has an enterprise ready PAM security solution.
To download the full report, please download here.