Privileged Access Management (PAM): A Must-Have for Cyber Insurance Coverage

If only cyber insurance was all you needed to protect your business from a cyberattack. Yet, with new threats emerging every day and breach costs projected to hit a staggering $10.5 trillion by 2025, cyber insurance providers are tightening their underwriting requirements and re-evaluating how much risk they’re willing to take on. In other words, the days of simply signing up for a policy and getting coverage are over.

After all, 66% of businesses experienced a cyberattack in the past 12 months, making it clear that it’s not a question of if but when. And if you’re not holding your end of the deal and properly securing your systems and clients, insurance providers won’t be there to cover the fallout

What are cyber insurance providers requiring for coverage?

Getting approved for cyber insurance coverage isn’t a sure thing anymore. Costs, risks, and indirect damages of cyberattacks and data breaches are growing and only getting worse. To combat this, insurance providers are enforcing stricter security requirements to prove clients are taking the right security measures. Requirements vary by provider, but here are some of the most common ones:

Lock down your systems by removing local admin rights

Why it matters: Local admin rights are like the keys to your networks, and they’re great for the people who need them. If everyone has them, you might as well leave your network open to the world. Removing admin rights locks down your system, stopping would-be hackers from gaining access with stolen credentials and moving through your network undetected.

Follow least privilege principles to manage access across your network

Why it matters: Like local admin rights, not everyone needs access to every part of your network, and they don’t need to download and install any app they want. Least privilege principles give users the access they need to do a specific task, and nothing more. When the task is done, access is shut off and a potential security gap is closed.

Implement multi-factor authentication (MFA) for added identity verification

Why it matters: By this time, we’ve all encountered multi-factor authentication. MFA requires a second form of identity verification—typically a code sent via text or email beyond a simple password, significantly reducing the chances of unauthorized access if credentials are stolen or phished. Just an extra way to prove you’re you.

Adopt strong password policies

Why it matters: Despite being told otherwise, people still opt for simple, and often easy to guess, passwords. Implementing password managers helps enforce better password practices. Most password managers create unique, complex passwords, save them for easy access to only the primary user, and prevent reusing passwords over time or across accounts.

Demonstrate strong network security and employee security awareness

Why it matters: It seems like common sense, but cyber insurance providers will ask clients about basic network security measures and how far they take them. Things like installing firewalls, threat detection measures, security audits, and network monitoring. This can also include employee security awareness training to teach employees how to spot scams and work with a security-first mindset. You know, things you should already be doing. Right?

PAM: A key player in cyber insurance security standards

Cybercriminals always seem to be a step ahead of current cybersecurity tool capabilities. As soon as one vulnerability is closed, criminals jump to the next. In turn, providers and software companies created more in-depth solutions to keep up with growing threats. One such tool is privileged access management (PAM). This simple-sounding tool has become a vital part of any cybersecurity toolbox. Plus, it can cover many cyber insurance requirements.

Enforce least privilege principles? Check. Limit, manage, and revoke local admin rights? Yup. Auto allow or deny access for airtight user access? You bet. Simply put, PAM solutions grant users just the right amount of access to get their jobs done. Nothing more. But if you think PAM solutions are just for security, you’re in for a real treat.

Beyond insurance: Additional benefits of PAM

Will a PAM solution help you qualify for cyber insurance, possibly secure a better premium, and even get you better coverage options? Sure, but there’s more to PAM solutions than checking some boxes for an insurance underwriter.

First, you’ll be giving your security posture a huge upgrade. With fewer privileges floating around, there are fewer opportunities for cybercriminals to infiltrate your network. Only those who need the keys have them, so to speak.

Second, your techs will have more time to tackle bigger IT projects, both security and non-security related. Many PAM solutions have automatic approvals or simplified end-user request features. This means you and your techs can determine what access settings and apps are safe for everyone to use. End users don’t have to wait to get access to do their jobs and your techs aren’t bogged down with more requests than they can handle. Access management without interruption? That sounds like a win/win.

Finally, PAM solutions will make your company compliance ready. Dashboards and audit logs give you and your team real-time visibility into access requests and system status. So, whether you need to show regulatory compliance, or your insurance provider wants to check if you’re meeting their requirements, you’ll be ready with information at your fingertips.

Protect from threats known and what’s lurking in the shadows with ScreenConnect Privileged Access

PAM solutions are quickly becoming a necessary part of any cybersecurity toolkit. Not just to comply with cyber insurance requirements, but to beef up network security and improve overall technician and end user productivity.

ScreenConnect Privileged Access makes it easier to do it all. Our user-friendly solution gets your access management up and running in no time, whether you’re a tech or an end user. Real-time elevation requests and user account control (UAC) deliver frictionless access and privilege management. Credential-free logins and single-use credentials drastically decrease password sharing. With no passwords floating around, cybercriminals have one less way to infiltrate your systems.

Whether used as a standalone solution or a fully integrated part of your ScreenConnect and ConnectWise ecosystem, Privileged Access delivers powerful controls without forcing you to overhaul your entire security setup.

Integrate ScreenConnect Privileged Access into your security strategy seamlessly. Begin your free 14-day trial and protect your business from potential breaches.