Over the past few years Privileged Access Management, has become one of the most relevant areas of Cyber Security associated with Identity and Access Management, that deals with identifying, securing and managing privileged credentials across the Organization’s IT environment.
In its practice, PATECCO acts as a vendor neutral provider of value-added services and implements PAM solutions deploying products of market-leading PAM vendors such as One Identity. PATECCO develops, implements and manages PAM as an information security and governance tool to support finance companies in complying with legal and regulatory compliance regulations.
While WM Gruppe isn’t a bank, it provides banks and other financial services companies with data on financial markets and instruments. And with its systems hooking up to those of customers via application programming interfaces (API), it must ensure its cybersecurity is as robust as that of its clients.
- Challenges of WM Gruppe
With regulatory requirements increasing, WM Gruppe wanted to reinforce privileged account management (PAM) to counter cybercriminals while improving operational efficiency. Privileged accounts are known to be vulnerable to attack, resulting in catastrophic consequences when hacked. PAM processes in WM Gruppe were home-grown, meaning they’d evolved over time as the company expanded.
Unfortunately, PAM processes at WM Gruppe were manual and time-consuming to operate, posing security risk across its 800 applications and multiple privileged accounts. It was easy for procedures like password changes to be delayed if a member of the IT infrastructure team responsible for making the changes was out-of-office or otherwise engaged. Plus, reporting on who had access to what servers and applications, and when, was a constant concern due to data inaccessibility.
- The solution
WM Gruppe looked for a PAM solution as part of a wider cybersecurity review across the entire organization. It chose One Identity Safeguard for Privileged Passwords for a couple of key reasons. It fully automated PAM processes, removing password management, and it made PAM fully auditable. The company worked closely with PATECCO and its partner – One Identity, which supported WM Gruppe with the initial deployment of Safeguard. The result was closure of any potential holes in PAM processes while saving hours of work through automation and improving auditing capabilities.
Why WM Gruppe chose PATECCO and One Identity?
- PATECCO was able to implement both a PAM and an IAM solution which enables the customer to get the full Identity Management package from one supplier.
- PATECCO developed the integration of the IAM IT Shop to the USU ITSM (IT Service management) and was adapted to the customer’s requirements.
- WM Gruppe saw a 100 percent improvement in PAM using Safeguard. The solution raised PAM to a new level without increasing its workloads.
- One Identity Safeguard strengthened privileged account controls and saved hours of work and increased protection.
- Using the workflow engine in Safeguard drastically reduced the window of opportunity if a password gets hacked.
Info source: One Identity