Indiana University Health Strengthens Identity Security Controls with CyberArk
- Indiana University Health (IU Health) has expanded its use of the CyberArk Identity Security Platform to fortify cybersecurity protocols and reduce cyber insurance costs.
- The CyberArk PAM implementation enables IU Health to better manage the expanding number of privileged credentials across its network and isolate and monitor sessions to detect and respond to threats.
- The CyberArk Identity Security Platform provides intelligent privilege controls, seamlessly securing human and machine identities accessing workloads from hybrid to multi-cloud, and flexibly automating the identity lifecycle with continuous threat detection and prevention.
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Insights
The deployment of CyberArk's Identity Security Platform by Indiana University Health (IU Health) is a strategic move in the healthcare sector, which is increasingly targeted by cyber threats. Privileged Access Management (PAM) is a critical cybersecurity component that helps in mitigating the risks associated with privileged accounts, which are often targeted by attackers due to their high level of access within IT systems. By expanding its PAM footprint, IU Health is not only enhancing its security posture but also addressing the stringent cyber insurance requirements that have become prevalent in the industry.
From a cybersecurity perspective, the expanded implementation across IT and vendor identities is significant. It indicates a comprehensive approach to security, acknowledging that threats can arise both internally and from third-party vendors. The ability to manage a growing number of privileged credentials and monitor sessions for unusual activity is crucial for early detection and response to cyber threats. This proactive stance is aligned with best practices in the field and reflects an understanding of the evolving threat landscape where identity security is paramount.
Compliance with regulatory standards and cyber insurance requirements is a major concern for healthcare organizations. IU Health's decision to strengthen its cybersecurity framework with the CyberArk platform demonstrates a commitment to meeting these obligations. It is worth noting that the healthcare industry is subject to various regulations, such as HIPAA in the United States, which mandate the protection of sensitive patient data. By securing privileged access, IU Health not only works towards compliance but also builds trust with patients and stakeholders by safeguarding their data against unauthorized access and potential breaches.
Furthermore, the mention of satisfying emerging audit and compliance requirements suggests that IU Health is preparing for future regulatory changes. This forward-thinking approach can prevent costly penalties and operational disruptions that may result from non-compliance. The investment in advanced PAM solutions can also be seen as a risk management strategy, potentially lowering cyber insurance premiums by demonstrating robust security controls.
The financial implications of IU Health's investment in CyberArk's solutions are multifaceted. On one hand, there is the direct cost associated with purchasing and implementing the PAM solution. However, the benefits of such an investment can outweigh the initial expenses. By reducing the likelihood and impact of cyber incidents, IU Health may experience lower cyber insurance costs and avoid the substantial financial losses associated with data breaches. These can include regulatory fines, litigation costs and reputation damage, which often lead to a decline in patient trust and potentially a loss of revenue.
In the broader context of the stock market, CyberArk's announcement could signal to investors that the company is gaining traction in the healthcare sector, which may influence the company's stock performance. Investors often look for evidence of a company's products being adopted by large, reputable organizations as an indicator of the product's reliability and the company's growth potential. The focus on expanding PAM capabilities and addressing compliance requirements also suggests that CyberArk is adapting to market needs, which is a positive sign for its long-term competitiveness.
Health Network Relies on CyberArk to Prioritize Privileged Access Management Across Expanding IT and Vendor Identities While Addressing Cyber Insurance Requirements
IU Health is Indiana’s largest network of physicians comprising more than 38,000 team members serving over 1.2 million individuals across the state. Like many healthcare organizations, the threat of targeted cyber attacks remains a real and constantly evolving risk. The CyberArk Identity Security Threat Landscape Report found that
“Like many healthcare organizations, we were feeling the increasing financial and compliance pressure of cyberattacks. IU Health needed to secure both our IT team and our vendors – as well as satisfy cyber insurance requirements,” said Colby Arnold, vice president of infrastructure and cybersecurity operations at IU Health. “We took action by evolving our security tech stack and proactively improving identity security controls with CyberArk. We have now doubled our CyberArk PAM footprint to enable us to securely build and scale in a heightened threat environment.”
IU Health initially deployed CyberArk Privileged Access Manager (PAM), part of the CyberArk Identity Security Platform, for managing and securing IT administrator accounts and sensitive access for its SOC team. The expanded implementation now focuses on locking down third-party risk across its vendor ecosystem by securing vendor access and service accounts and meeting emerging audit and compliance requirements. With CyberArk PAM, IU Health can better manage the expanding number of privileged credentials across its network and isolate and monitor sessions to detect and respond to threats.
“When we first connected with IU Health, its team quickly understood the importance of taking an identity security-first approach when protecting high risk users and software applications,” said Matt Cohen, CEO, CyberArk. “As IU Health properly recognized, the threat landscape has evolved and is growing at an alarming rate with new identities, new environments and new attack methods being leveraged by malicious actors every day. In fact, last years 90 percent of organizations experienced at least one identity-related incident. By securing every identity with the right level of privilege controls and just in time access, we are helping IU Health not only immediately meet security and compliance goals, but we are also establishing a framework that paves the way for long term growth.”
Centered on intelligent privilege controls, the CyberArk Identity Security Platform seamlessly secures human and machine identities accessing workloads from hybrid to multi-cloud, and flexibly automates the identity lifecycle all with continuous threat detection and prevention – protecting organizations’ identities and most critical assets by enabling Zero Trust and enforcing least privilege.
About CyberArk
CyberArk (NASDAQ: CYBR) is the global leader in identity security. Centered on intelligent privilege controls, CyberArk provides the most comprehensive security offering for any identity – human or machine – across business applications, distributed workforces, hybrid cloud environments and throughout the DevOps lifecycle. The world’s leading organizations trust CyberArk to help secure their most critical assets. To learn more about CyberArk, visit www.cyberark.com, read the CyberArk blogs or follow on LinkedIn, Twitter, Facebook or YouTube.
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Email: press@cyberark.com
Investor Relations:
Erica Smith, CyberArk
Email: ir@cyberark.com
Source: CyberArk
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