SMEs in Latin America have the challenge of adjusting to modernity to compete in a globalized business world. The current technological reality allows a local business to obtain and provide service, manage its information and propose its services, from anywhere and to any customer in the world. The challenge is to adapt to the levels of service and quality that the borderless reach proposes and to be willing to the sophistication of demanding conditions of security and certainty of digital information.
Let's dissect this decision by assuming the administration of identity and even more, identities with information management privileges, which must be managed, at the starting point of security decisions that point to ZeroTrust models.
Privileged identity management (PAM) has become a critical component of the cybersecurity strategy for SMBs. As these organizations integrate into broader and more complex production chains, the protection of their digital assets and proper access management become essential to safeguard not only their information, but also that of their business partners. This protection of assets and information is a regulatory factor without which it is not feasible to compete and transcend.
PAM refers to the strategies and technologies used to manage and protect elevated accounts within an organization. These accounts are particularly attractive to cybercriminals, as they allow access to critical information and sensitive systems or are the gateway to escalate to accounts with greater privileges and through lateral movements take control of the information.
Effective PAM implementation helps prevent unauthorized access, minimizes the risk of data breaches and lateral movements, and ensures regulatory compliance.
SMBs face a growing cyber threat landscape. According to an INCIBE report, 43% of SMEs suffered a cyberattack in 2023, with an average cost per incident that can reach up to 2.2 million dollars. This highlights the urgent need to strengthen cybersecurity defenses, where PAM plays a crucial role in limiting access to sensitive information, minimizing privileges, placing locks on critical services, and monitoring unusual activity.
As SMEs integrate into broader production chains, their security becomes interdependent with that of other organizations. A successful attack on an SME can compromise the entire chain. For example, a company that supplies electronic components to a large automotive firm must ensure that its systems are protected against unauthorized access, since any leak could negatively impact its main customer. (TISAX Regulation)
In the health sector, for example, where extremely sensitive information is handled and procedures that cannot be postponed are carried out, PAM is vital. A notable case is the use of PAM solutions by clinics and hospitals to manage access to electronic medical records. Implementing strict controls on who can access this data not only protects patient privacy, but also ensures compliance with regulations such as HIPAA, avoiding penalties and reducing the risk to the institution's patients and the continuity of medical services and procedures.
Another example of priority use of a privileged access management system is clearly in the banking field, SMEs that offer financial services, such as Fintech and SOFOMES, must adopt PAM to protect administrative accounts that handle critical transactions. For example, a small financial institution that implements a PAM system that limits access to its banking platforms only to authorized employees, provides greater certainty to information management and security to its customers. Not only does this reduce the risk of internal fraud, but it also improves customer confidence by demonstrating a serious commitment to security.
Adopting PAM not only improves security, but also provides strategic benefits:
Improved Regulatory Compliance: Regulations in sectors such as banking, government, and healthcare require strict controls over privileged access.
Operational Risk Reduction: By limiting unnecessary access, limiting the privileges of common users minimizes the chances of human or malicious error.
Customer Trust: Protecting sensitive data strengthens business reputation and builds trust between customers and business partners.
If you want to know more about PAM (Privileged Access Management) at Onistec we have integrated a wealth of information around the leading providers in the market, whose brands are in our portfolio of services, as well as success stories, infographics, technical sheets and guides that allow the immediate adoption of this important information security strategy and its management.
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