Privileged access management (PAM) tools offer significant security and compliance benefits that can be used to build a business case. This can be tricky, however, because most of the benefits are intangible. In other words, they’re based on what-if scenarios: In the event of a security breach, what costs would the organization incur? Based on your organization’s region and industry, you could calculate what it would cost to recover from a data breach.
Privileged access management is often seen as a necessary evil, a tool that is required to improve the company’s security and compliance posture, but brings little additional value. In my opinion, this is a misconception.
How Can Privileged Access Management Drive ROI for Your Business?
Besides the intangible benefits, there are also measurable benefits that can help you justify the investment in a privileged access management solution. Let’s take a deeper dive into the many ways PAM technology can deliver value to your organization and help you demonstrate return on security investment (ROSI) to business leaders.
Password Vaulting
It is often said that passwords are the weakest link. If you don’t have tools to manage them — and certainly if they are shared between users — they can quickly get out of control. People often write passwords down or store them in protected spreadsheets. Sometimes they are not changed frequently enough because it would be difficult to share them with the team and would be a manual effort.
With a password vault, credentials are stored in a safe, digital and encrypted location governed by access control policies. This is a good first s ..
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 Goes Beyond Security and Compliance){kind=link}