By Jordan True
Numbers Prove Privileged Account Management Cloud Technology is Becoming a Necessity for Enterprises
Washington, D.C. – February 09, 2017 – Thycotic, a provider of privileged account management (PAM) solutions for more than 7,500 organizations worldwide, today announced that since the release of Secret Server Cloud, a newer version of its cloud based platform re-architected on the Microsoft Azure platform, the company has seen a tremendous level of adoption on this newer platform. Secret Server Cloud has reached 500 customers in just under four months, proving that PAM cloud technology is a necessity and an area where more money will be spent in the years to come.
Thycotic has seen tremendous growth in the Privileged Account Management space, previously dominated by only a few companies, by innovating solutions that are easy to deploy and very simple to manage. Since its launch in 2016, Secret Server Cloud has been recognized by the 2017 Big Innovations Award, for its ability to solve real world problems.
According to Forrester, “80 percent of all cyberattacks involve a weak or stolen privilege account password.” 1 The University of San Diego has taken matters into their own hands to ensure they do not become part of this statistic and has moved their privileged accounts to the cloud to make sure the University’s most valuable assets are protected and looked to the cloud as a part of its bigger initiative.
“The IT department at the University of San Diego believes in a cloud-first mentality,” said Mike Somerville, manager of Systems Support and chief cloud evangelist at University of San Diego. “Privileged access of our students’ data is going to be safe in Thycotic’s cloud and that needed to be transparent for our team. USD has been with Thycotic and the Secret Server product for the last seven years. From a business perspective, Secret Server Cloud allowed everyone to log in to the same single point of success that they already trusted for their passwords.”
Analyst firm 451 Research released a report on the launch of Thycotic’s Secret Server Cloud platform, stating, “Launching a SaaS version of Secret Server strikes us as a logical move, particularly for reaching resource-constrained small and midsize enterprises, for which a traditional heavyweight PM product is beyond reach. With the ability to quickly spin up a new instance, Secret Server Cloud bolsters Thycotic’s reputation for ease of use and rapid deployment that resonates with many customers, particularly in the midmarket, but also for larger organizations.” 2
“It just works,” said James Legg, CEO at Thycotic. “It’s been our mission to provide customers with the freedom to choose the best on premise or cloud based privilege account management solutions to protect their businesses from cyberattacks. We could not be happier with the number of Managed Service Providers (MSP) that have selected Secret Server Cloud for their end customers.”
Thycotic continues to add additional functionalities to their Cloud platform. Since January, customers are now able to add on the ability to discover and protect service accounts, create custom reports and add additional workflows to Secrets (like Request Access). The rest of 2017 will see additional features added to the solution, with a focus on integrations such as Security Information and Event Management (SIEM) and Security Assertion Markup Language (SAML).
Their newest cloud based platform is not the end of the road of innovation for Thycotic. Early in 2017, Thycotic is releasing its new Privileged Behavior Analytics tool, delivered from the cloud to help organizations detect serious data breaches before they happen.
For more information on protecting your privileged accounts visit here.
1. Forrester, The Forrester Wave: Privileged Identity Management, Q3 2016, Andras Cser. 2016