There are three main types of privileged accounts -- administrator, service and application-to-application accounts. All of them have higher security rights than the login IDs of regular users, however.
In an organization with thousands of IT assets, it can be difficult to securely manage access to privileged accounts:
A privileged access management system controls access to login accounts that have elevated security rights. It typically controls access to administrator IDs, service accounts and accounts used by one system to sign into another.
Privileged access management systems typically randomize passwords to sensitive IDs, store current passwords in an encrypted vault, connect authorized people and programs to privileged accounts and audit this activity.
A privileged access management system usually does not create privileged accounts, since that is almost always a side effect of installing the system on which they exist. Similarly, these IDs are normally removed when a system is uninstalled.
Hitachi ID Privileged Access Manager secures privileged accounts across the IT landscape and at large scale: