By reducing the number of users with administrative rights, institutions can minimize the potential attack surface, and reduce the likelihood of a ransomware attack.
2. Another key update higher education institutions can adopt is network visibility. Particularly in the current remote and hybrid education environment, it is imperative that universities understand the master identities of users accessing their network. That includes monitoring who is accessing the network, when it’s being accessed, the amount of access granted, and from where it’s being accessed. Without this master concept of identity, it is nearly impossible to detect abnormalities in user behavior that could signal a cyber-attack.
3. However, visibility is meaningless if the information is inaccurate, which is why multi-factor authentication (MFA) is recommended. Users must be able to prove they are who they say they are, which is integral not only to visibility, but to access management as well, because if a bad actor obtains privileged credentials, MFA is another substantial layer of protection.
The above defense mechanisms are required by most cyber insurers to procure coverage because they limit the risk associated with insuring the customer. Frequently, carriers mandate their clients have privileged access management (PAM) controls in place to protect privileged accounts.
PAM works by exerting control over privileges, applications, and remote access pathways, and enforcing zero trust security principles. The main solutions found in PAM platforms include: secure remote access, endpoint privilege management, privileged password management, and cloud security management.
The decision of whether to pay for cyber insurance or is highly complicated, and the answer will vary depending on an institution’s available resources. However, the requirements to obtain cyber insurance exist because the mandated strategies are vital when it comes to preventing cyber-attacks.
Higher education administrations should strongly consider adopting these security controls, regardless of their decision to seek insurance.
When it comes to a cyber-attack, no one ever believes it will happen to them. Unfortunately, the consequences of these attacks can be financially and personally disastrous, which is why those who have the means are willing to pay high insurance rates.
It is always better to be proactive than reactive, so institutions should consider implementing PAM solutions before it’s too late.
Josh McDonough, Lead Solutions Engineer at BeyondTrust, has a decade of experience in IT and systems engineering. BeyondTrust is a worldwide leader in intelligent identity and access security.
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