Today, a huge part of the workforce in any company is making use of cloud applications like Salesforce and Dropbox. This usage of cloud resources is what is driving home the need for security-as-a-service packages. According to recent surveys conducted by Thycotic, nearly 32.5% of respondents agreed that more than three-fourths of their employee strength had access to cloud storage and applications. This usage was mainly evident in the areas of email, collaboration or project management and data storage. This is because each of these areas involve huge repository of company data. The survey also sought to find out what opinions the people had about protecting their accounts which enjoyed access to such company data. Most of the people taking part in the survey agreed that it was very important to protect the privileged accounts and about 62% felt they were well-protected already.

As businesses become more and more mature, they must focus on safeguarding their data and network from external attacks and threats which can exploit these privileged accounts for gaining access to networks. This survey also revealed that most felt that cloud solutions were better for storing data because the privileged accounts were protected by passwords. Whenever businesses implement SaaS services, they are worried about the security concerns; so, they are reluctant to deploy SaaS models to safeguard company assets. But the survey proves this theory incorrect. Incidentally, it was found by the 2016 Gartner Market Guide, that by 2019 nearly 30% of the Privileged Access Management purchases will be offered as services. This is indicative of a growing need for managed virtual set-ups and cloud solutions.

In keeping with this new trend, the Thycotic declared the Secret Server Cloud which is a PAM solution designed to retain an organizations’ valued assets within the cloud. It allows businesses to discover, supervise and protect their privileged accounts. It is only a matter of time before the PAM as a service will emerge as an app for the cloud. In fact, many businesses are slowly shifting from the earlier brick and mortar facilities to the cloud where they are becoming fully operational. These businesses are steadily growing and as the traditional companies keep using more cloud solutions, securing and supervising all these privileged accounts will soon pose a challenge.