2018 Global Channel Report Reveals Clients Attacked Mostly Through Privileged Accounts

WASHINGTON, May 1, 2018 /PRNewswire/ -- Thycotic, a provider of privileged account management (PAM) solutions for more than 7,500 organizations worldwide, today announced results from its 2018 Global Channel Partner Survey Report - a new cybersecurity survey of channel partner solution providers, which highlights client cybersecurity concerns and opportunities for solution providers. The channel survey included responses from more than 250 value-added resellers (VARs), managed service providers (MSPs), value added distributors (VADs), direct market resellers and system integrators.

According to the report, 74 percent of solution provider clients have suffered a breach in the past 12 months. Among those experiencing a breach, 55 percent did not act to fully remediate the cause of the breach and nearly one in five clients (18 percent) did not seek any remediation to prevent a breach from recurring. Additionally, 62 percent of solution providers said that cyberattacks were specifically targeting their clients' privileged accounts seeking to exploit credential vulnerabilities.

"The survey suggests channel partners need to help educate their clients about the risks associated with privileged credentials," said Charlie Patsios, channel marketing director, at Thycotic. "We are seeing a growing number of solution providers expanding their cybersecurity services around PAM protection."

More than 90 percent of respondents stated only half of their clients currently have a PAM solution in place to protect privileged accounts and among the balance of respondents, only one in ten of their clients have a PAM solution.

"Privilege Access Management tools and practices are essential to a cybersecurity strategy aimed at locking down access and stopping breaches," said Jackie Groark, director, Security/CISO at Veristor Systems in Atlanta. "According to Forrester research, 80 percent of security breaches involve privileged access. That statistic, combined with the evolving regulatory environment, moves Privileged Access Management further up the cybersecurity protection stack in terms of priority."

The report lists ransomware and phishing threats as the most significant risks among their clients by solution providers with 44 percent of clients indicating ransomware as their most common breach, followed by 31 percent for phishing attacks.

That sentiment was echoed by Paul Scully of VooDoo Technology Ltd. a data security consultancy in the UK.

"The market for Privileged Access Management has been gaining steady momentum over the past decade," said Scully. "But in more recent years, we've been experiencing a dramatic surge of interest from clients concerned about public breaches facilitated by comprised privileged accounts."

The report is available for download free of charge at Thycotic's Global Channel Partner Survey. To learn more about Thycotic, please visit https://thycotic.com/ and follow Thycotic on Twitter at @Thycotic.

About Thycotic

Thycotic, a global leader in IT security, is the fastest growing provider of Privilege Management solutions that protect an organization's most valuable assets from cyber-attacks and insider threats. Thycotic secures privileged account access for more than 7,500 organizations worldwide, including Fortune 500 enterprises. Thycotic's award winning Privilege Management Security solutions minimize privileged credential risk, limits user privileges and controls applications on endpoints and servers. Thycotic was founded in 1996 with corporate headquarters in Washington, D.C. and global offices in the U.K. and Australia. For more information, please visit www.thycotic.com.

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SOURCE Thycotic