An overwhelming 82% of IT leaders are seeking to transition their on-premises Privileged Access Management (PAM) solutions to the cloud, according to the latest findings from Keeper Security's Insight Report: Cloud-Based Privileged Access Management. In stark contrast, only 36% of respondents thought it reasonable to keep a PAM solution on-premises considering the current economic climate.

The report investigates the needs of IT and security leaders in regards to PAM solutions, as well as the benefits of shifting away from conventional on-site platforms. PAM solutions deliver unmatched control over privileged user activity, offering protection against unauthorised network access and counteracting internal threats. However, the survey highlights that traditional PAM solutions are often complex and costly, impeding adoption. As high as 56% of IT leaders attempted to introduce a PAM solution but faced challenges at full implementation, with 92% citing exceptional complexity as the primary obstacle.

“The complexity and high cost of legacy on-premise PAM solutions pose challenges for today's IT and security professionals,” said Craig Lurey, CTO and Co-founder of Keeper Security. “Securing privileged access to accounts that defend sensitive systems and data is crucial. A move towards more accessible cloud-based solutions offers efficient and seamless cybersecurity coverage, leading to better security results.”

The report reveals that 60% of organisations using on-premises PAM solutions claim that this setup restrains them from achieving their objectives, mainly due to the substantial fact that 85% of the organisations require a particular team to manage and maintain their on-premises PAM solutions, an unjustifiable expense during a time of tightening budgets. Simultaneously, on-premises solutions are outdated and cost-prohibitive, which encourages the move to more modern, cloud-based PAM.

Cloud-based solutions offer advantages of easy use and enhanced security, two essential factors for businesses navigating digital transformation and evolving cybersecurity threats. The switch to the cloud provides increased security via advanced encryption, Multi-Factor Authentication and continuous monitoring.

The top three benefits of a PAM solution, as identified by respondents, focus on protecting against the exploitation of privileged credentials by external threat actors, managing and monitoring privileged user access, and preventing data breaches. Other benefits include keeping privileged user access updated and preventing privilege creep, defending against accidental or deliberate misuse of privileged access by company insiders, enhancing visibility and awareness, and thwarting phishing attacks.

While cloud service providers scrutinise securing their infrastructure to offer a fortified environment, companies should search for solutions built on zero-trust and zero-knowledge architecture to reach the maximum security levels. By adopting cloud-based PAM solutions, companies can reinforce their defences in an era where privileged access management is vital.