What organization-wide approach helps manage privileges and reduce risks posed to privileged accounts?

The organization-wide approach that effectively manages privileges and reduces risks associated with privileged accounts is Privileged Access Management (PAM). PAM focuses specifically on safeguarding and controlling access given to users, systems, or applications that have elevated permissions. These privileged accounts can pose significant security risks if not managed correctly, as they often have the ability to alter critical system settings, access sensitive data, or modify security policies.

PAM solutions provide various functionalities, including secure credential storage, session monitoring, and threat detection related to privileged accounts. By implementing PAM, organizations can ensure that only authorized personnel gain access to these accounts, with monitoring capabilities in place to detect any unusual behavior. This mitigates the risk of insider threats and external attacks targeting privileged account credentials.

While other options play essential roles in an organization's overall security strategy, they do not focus specifically on the unique challenges posed by privileged accounts. For example, Security Information and Event Management (SIEM) is more about aggregating and analyzing logs and event data for security monitoring, while Network Access Control (NAC) deals with controlling devices on a network. Identity and Access Management (IAM) covers user identities and permissions more broadly but does not specifically address the nuanced management required for privileged accounts. Therefore, PAM is the most relevant