Thycotic has been named a Leader in the Forrester Wave: Privileged Identity Management (PIM) Q4 2020 report, in a study which evaluated ten vendors based on three high-level categories: current offering, strategy, and market presence.
Thycotic received the highest possible score in 11 of the 24 criteria in the study, including SaaS/cloud, innovation roadmap, and integrations, deployment, supporting products and services, commercial model, and PIM installed base.
“We believe Thycotic's recognition as a leader in the Forrester Wave for privileged identity management signifies and validates the strong product strategy that we have developed and implemented in recent years which focuses heavily on cloud innovations and end-user experience,” says Thycotic president and CEO James Legg.
“We are continually expanding our range of PIM solutions to secure access to all different types of platforms, from SaaS to cloud to IaaS and have unveiled four new products this year alone.
According to the report, “PIM solutions should support DevOps teams, IT admins configuring cloud infrastructure, bots, IoT, and API-driven workloads. CISOs are burning a lot of calories trying to secure privileged access for these use cases right now. Our clients tell us that machine identities are growing at twice the rate of human identities. Furthermore, the definition of a privileged user is expanding to include non-IT users.
The report comes a month after Thycotic released a report detailing the most common influences on Australian executives to invest in cybersecurity.
The report found that boardroom investments in cybersecurity are most commonly the result of an incident or fears of compliance audit failure. Because of this, two thirds (66%) of Australian organisations plan to add more towards security budgets in the next 12 months.
According to the report, which surveyed 908 senior IT security decision-makers, 88% of Australian respondents (77% globally) have received boardroom investment for new security projects, either in response to a cyber incident at 59% of organisations (49% globally) or through fear of audit failure at 29% (28% globally).
With financial penalties for GDPR now totalling EUR 175 million, 18% of Australian respondents (23% globally) believe that compliance or threats of fines are the most effective way to persuade boards to invest in cybersecurity.
Amid growing cyber threats and rising risks through the COVID-19 crisis, CISOs report that boards are listening and stepping up with increased budgets for cybersecurity, with the overwhelming majority in Australia, or 94% (91% globally) agreeing that the board adequately supports them with investment.
Thycotic CISO Terence Jackson says, “While boards are definitely listening and stepping up with increased budget for cybersecurity, they tend to view any investment as a cost rather than adding business value.
“There are some encouraging signs, particularly in APAC, where ROI is a leading factor in security investment decisions.
“However, there is still some way to go.