Safeguard your privileged account credentials while demonstrating SOX compliance With Thycotic Privileged Access Management and Security solutions
WHAT’s the challenge
Compliance with the Sarbanes-Oxley Act known as SOX, is an annual reporting must for publicly owned enterprises. Yet, there are no best practices specified to meet SOX compliance regulations outside of general security guidelines.
WHY it’s important
C-level executives are held responsible for SOX compliance and failure to meet requirements can be costly. In addition, costs to conduct compliance audits and remediation continue to escalate with nearly two out of three large companies spending $1 million or more for SOX compliance.
HOW we solve it
Thycotic delivers comprehensive Privileged Access Management and Security solutions that secure privileged account passwords and lock down applications, endpoints and OS configurations to help demonstrate compliance with policies and SOX regulations.
SOX compliance getting more complicated and costly
The purpose of the Sarbanes-Oxley (SOX) law is to reduce the potential for corporate fraud by requiring an increase in the strength and granularity around the procedures and requirements for financial auditing and reporting. SOX Section 404 specifically requires that all publicly-traded companies must establish internal controls and procedures for financial reporting, and must document, test and maintain these controls in order to demonstrate and prove their effectiveness.
Organizations across the United States often struggle with how to meet these requirements as it becomes more complex and costly than ever before to demonstrate compliance. Thycotic Privileged Access Management solutions can make it simpler and easier to create those required internal controls, while quickly generating the audit trail and reports necessary to meet the documentation requirement for Section 404.
This year’s [2015 Sarbanes-Oxley compliance] survey shows that a majority of companies are not only spending more time and money on reporting requirements, but are also making significant changes to their compliance programs. 1
– Brian Christensen, executive vice president, Protiviti
SOX auditors focus on privileged IT accounts
Privileged accounts, such as IT admin accounts or application/service accounts, each grant a specific level of access on the network. Typically IT teams share these credentials amongst themselves to gain access to equipment as needed. This makes it very difficult to know who exactly is accessing which device and also restricts access among IT staff members.
In addition, privileged accounts can easily proliferate throughout the enterprise with the potential for hundreds, if not thousands of accounts, each with their own password. To maintain proper security, each password should be quite long, comprised of random characters, and changed regularly. For many organizations this requires hundreds of man-hours wasted by highly-paid IT professionals performing manual password changes to help keep these accounts protected.
PRIVILEGED PASSWORD SECURITY
Thycotic automates the auditing requirements and enforcement of internal controls for SOX compliance
Since privileged credentials exist at the heart of every enterprise to determine who can or cannot access financial data, controlling who can use these privileged credentials becomes the key to enforcing compliance with SOX requirements.
By implementing Thycotic Secret Server software you can you easily create a well-documented and enforceable control mechanism for who can use your privileged accounts to gain access to financial and other critical data. In addition, you can generate full audit logs, record sessions, and create scheduled reports to provide end-to-end proof to auditors that your controls are in place and working correctly. With Thycotic Secret Server you can demonstrate compliance with SOX Section 404 with an automated solution that vastly streamlines the yearly auditing process.
Thycotic Secret Server enables you to:
- Create and enforce policies for privileged accounts to segregate who can and cannot access critical financial data.
- Provides an end-to-end audit trail for every action taken by users, even allowing to record sessions for full playback of all activity.
- Fully customizable and out-of-the-box reports provide a simple way to document all requirements and procedures are in place for auditors.
- Multi-factor authentication and encrypted stores create a secure repository for any data or credentials stored, whether at rest or in transit.
- Simple, easy-to-use and intuitive interface won’t interfere with user’s ability to conduct business, while still ensuring all control requirements and procedures are in place.
Endpoint security for
windows and Unix
Secure users with Least Privilege Access to demonstrate compliance
Local Administrator rights have become a necessary evil in network environments. Because of the unfettered access these rights provide, Administrator accounts and privileges are one of the most common targets of hackers and cyber-criminals. Once gained, Administrator privileges allow an attacker to install malware, steal information from the system, compromise other systems, and stage additional attacks against domains, servers and other devices within the network. Limiting access to Administrator rights, however, presents challenges that impact your trusted users since legitimate software often requires Administrator rights to be properly installed.
Fortunately, Thycotic offers easy-to-manage and simple tools that can help you mitigate these risks by promoting a Least Use Privilege strategy for all users on all your Windows endpoints. Thycotic Application Control Solution, for example, enables organizations to limit the need for providing Administrator rights to end users, business users and IT admins while providing a flexible and dynamic framework for allowing safe, trusted software to be installed as required. This means that malicious software can’t be installed, even accidentally, protecting your systems from a variety of the most common hacker attacks.
Adhering to this Least Use Privilege strategy allows organizations to mitigate the risk from over 90% of the Critical-rated vulnerabilities from Microsoft for Windows and reduce the ability for hackers to infiltrate and attack these target systems.
Thycotic helps you lock down Windows applications, endpoints and OS configurations
Publicly held organizations today need to lockdown desktops and stop malware and ransomware attacks that can have devastating and costly consequences. That means removing IT admin privileges from most users to lower risk, and limiting privileges for IT admins to improve security. The powerful combination of three solutions within Thycotic’s Endpoint Security Remediation Suite help ensure that you can stop malware attacks at the end-point to limit an attacker’s ability to move beyond their initial point of entry.
Stop exploits such as malware and ransomware at the endpoint
Thycotic provides comprehensive endpoint privilege management and security solutions that:
- Assure least privilege application control.
- Enable administrative user group management.
- Demonstrate security compliance and automated remediation.