Privileged Access Management: 5 Best PAM Solutions in the Market

In today’s digital landscape, Privileged Access Management (PAM) has become a crucial component of an organization’s cybersecurity strategy. As cyber threats evolve, the need to manage and secure privileged accounts is paramount.

This article will explore what PAM is, why it is important, how it has evolved, current market trends, insights from industry analysts, how to choose a PAM tool, a detailed review of top vendors, and the future of PAM.

What is Privileged Access Management?

Privileged Access Management refers to the tools, technologies, and processes designed to monitor, control, and secure privileged accounts and their access to critical systems and data.

Privileged accounts, such as administrators or root users, have elevated permissions that allow them to access sensitive information, configure systems, and execute critical tasks. As these accounts are prime targets for attackers, PAM solutions aim to reduce the risk by securing, managing, and auditing their use.

Why is Privileged Access Management Important?

• Mitigation of Cyber Threats: Privileged accounts are often the first target for attackers seeking to gain unauthorized access. PAM solutions help mitigate this risk by securing and monitoring these accounts.
• Insider Threat Protection: Organizations face the risk of malicious insiders misusing their privileges. PAM tools limit access and monitor behavior to prevent such threats.
• Compliance and Regulatory Requirements: Many regulations, such as GDPR, HIPAA, and PCI-DSS, require organizations to implement PAM strategies to protect sensitive data and provide audit trails.
• Operational Efficiency: Automating the management of privileged accounts reduces the manual workload for IT teams and minimizes errors.

How Was Privileged Access Managed Before?

Traditionally, privileged access was managed manually or through basic tools like spreadsheets, password vaults, or individual scripts. Organizations relied heavily on manual intervention, making the process prone to human error and difficult to scale.

This approach lacked centralized control, real-time monitoring, and efficient auditing, leading to security vulnerabilities and operational inefficiencies.

How is Privileged Access Managed Now?

Modern Privileged Access Management tools leverage automation, machine learning, and analytics to provide comprehensive management and monitoring of privileged accounts. These tools offer:

• Automated Password Rotation: Secure vaults store credentials, and passwords are rotated automatically based on predefined policies.
• Session Monitoring: Real-time monitoring and recording of privileged sessions to detect and respond to suspicious activities.
• Granular Access Control: Implementation of least privilege principles, where users are granted access only to what they need.
• Endpoint Privilege Management: Control of administrative access on endpoints to reduce the attack surface.

Market Trends and Market Share

The PAM market has seen significant growth due to the rising number of data breaches involving privileged accounts. According to MarketsandMarkets, the PAM market is expected to grow from $2.2 billion in 2020 to $5.4 billion by 2025, at a Compound Annual Growth Rate (CAGR) of 19.7%.

The demand for cloud-based PAM solutions and the increasing adoption of zero-trust security models are key drivers for this growth.

Industry Analysts’ Quotes on Privileged Access Management

• Gartner: “Privileged Access Management is one of the fastest-growing areas in information security, driven by the increasing need to manage and audit privileged access, particularly in the context of hybrid cloud environments.”
• Forrester: “With the rise of remote work and cloud adoption, the demand for PAM solutions that provide granular access control and session monitoring has never been higher.”
• IDC: “Organizations must implement robust PAM strategies to safeguard against both external attacks and insider threats, ensuring compliance and protecting sensitive data.”

How to Choose the Right PAM Solution: Easy Steps

Choosing the right privileged access management tool involves considering several factors:

1. Identify Your Needs: Assess your organization’s specific requirements, such as the number of privileged accounts, deployment environment (cloud, on-premises, or hybrid), and compliance needs.
2. Evaluate Core Features: Look for essential features such as password management, session monitoring, audit trails, and endpoint privilege management.
3. Scalability and Integration: Ensure the solution can scale with your organization’s growth and integrate seamlessly with your existing IT infrastructure.
4. Ease of Use and Deployment: Consider the user interface and deployment options. Cloud-native solutions may offer quicker deployment and lower maintenance.
5. Vendor Support and Customer Service: Research vendor reputation for customer support and service, as this can be crucial for a successful implementation.

Top 5 Best Vendors for Privileged Access Management: Best PAM Tools for your company

Let’s dive into the top 5 vendors providing privileged access management tools, focusing on their background, product capabilities, issues solved, value offered, pricing, and user reviews.

CyberArk

Founded in 1999, CyberArk is a global leader in Identity Security and PAM, headquartered in Newton, Massachusetts. With over 6,600 customers worldwide, including 50% of the Fortune 500, CyberArk is renowned for its expertise in securing privileged accounts. CyberArk’s Privileged Access Security Suite offers comprehensive tools for securing and managing privileged access across hybrid environments.

• Features/Capabilities:
  • Privileged Account Discovery and Onboarding
  • Password Vaulting and Rotation
  • Session Monitoring and Recording
  • Endpoint Privilege Manager
• Issues Solved:
  • Credential Theft Prevention
  • Insider Threat Mitigation
  • Compliance and Auditing
• Value Provided: Enhances security posture, reduces operational overhead, improves compliance.
• Pricing: CyberArk is generally considered a premium solution, with pricing varying based on organization size and deployment method.
• User Ratings and Reviews: Highly rated (4.6/5 on Gartner Peer Insights), praised for scalability and comprehensive features, though deployment can be complex.

BeyondTrust

BeyondTrust, headquartered in Atlanta, Georgia, is a leading provider of PAM solutions focusing on integrating privileged access management, remote access management, and vulnerability management. BeyondTrust’s PAM portfolio includes Password Safe, Privilege Management for Windows and Unix, and Privileged Remote Access.

• Features/Capabilities:
  • Password Safe
  • Privileged Remote Access
  • Endpoint Privilege Management
• Issues Solved:
  • Secure Remote Access
  • Access Control
  • Compliance Management
• Value Provided: Unified security framework, flexibility, rapid threat detection.
• Pricing: Offers a mid-range price point, with flexible options based on deployment size and product selection.
• User Ratings and Reviews: Highly regarded (4.6/5 on Gartner Peer Insights), noted for ease of use and integration capabilities.

ThycoticCentrify

ThycoticCentrify, formed from the merger of Thycotic and Centrify, provides a cloud-native PAM solution combining strengths in identity security and privileged access management. Offers Secret Server, Privilege Manager, and Account Lifecycle Manager.

• Features/Capabilities:
  • Secret Server
  • Privilege Manager
  • Account Lifecycle Manager
• Issues Solved:
  • Credential Security
  • Least Privilege Enforcement
  • Compliance Management
• Value Provided: Scalable, cost-efficient, user-friendly.
• Pricing: Subscription-based pricing, suitable for small to medium-sized businesses.
• User Ratings and Reviews: High ratings (4.5/5 on Gartner Peer Insights), appreciated for its ease of use and cloud-native approach.

One Identity

A subsidiary of Quest Software, One Identity provides modular IAM and PAM solutions, including One Identity Safeguard. One Identity Safeguard integrates password management, session management, and access request workflows.

• Features/Capabilities:
  • Secure Password Vault
  • Session Management
  • Access Request Workflow
• Issues Solved:
  • Operational Efficiency
  • Security Compliance
  • Insider Threat Mitigation
• Value Provided: Modular design, integration capabilities, enhanced governance.
• Pricing: Mid-range pricing, with modular options for customized solutions.
• User Ratings and Reviews: Rated 4.3/5 on Gartner Peer Insights, valued for flexibility and integration.

Delinea (Formerly Centrify)

Delinea, previously known as Centrify, is a leading PAM provider focusing on cloud identity security. Headquartered in Santa Clara, California, Delinea specializes in securing access across hybrid and multi-cloud environments. Delinea offers a comprehensive PAM solution, including the Privileged Access Service, Server Suite, and Cloud Suite.

• Features/Capabilities:
  • Privileged Access Service: Provides centralized access control, session monitoring, and audit trails.
  • Server Suite: Manages privileged access across Unix, Linux, and Windows servers.
  • Cloud Suite: Extends PAM capabilities to cloud environments, integrating with AWS, Azure, and GCP.
• Issues Solved:
  • Cloud and Hybrid Security: Protects privileged access in multi-cloud environments, a critical need for modern organizations.
  • Zero Trust Implementation: Facilitates zero trust security by ensuring that all access is verified and authenticated.
  • Regulatory Compliance: Helps organizations maintain compliance with industry standards and regulations.
• Value Provided:
  • Comprehensive Cloud Security: Strengthens cloud security by managing and monitoring privileged access across platforms.
  • Scalability: Designed to scale

Privileged Access Management (PAM) has become a vital component in securing organizations against evolving cyber threats. As more companies transition to hybrid and cloud environments, the need for effective PAM solutions continues to grow.

The leading vendors, including CyberArk, BeyondTrust, ThycoticCentrify, One Identity, and Delinea, each offer unique features tailored to different organizational needs, from comprehensive security coverage to specialized cloud-based access management.

Choosing the right PAM solution involves understanding your organization’s specific needs, evaluating core features, and considering factors like scalability, ease of use, and vendor support.

As the PAM market expands and adapts to new security challenges, investing in a robust PAM tool not only enhances your organization’s security posture but also ensures compliance and operational efficiency.

By adopting the right PAM strategy, organizations can mitigate risks, protect sensitive data, and foster a more secure digital environment. The future of PAM lies in integrating AI and machine learning to predict threats before they occur, making it an essential investment for any organization committed to cybersecurity.