What is the principle of least privilege? Why does this principle matter?

The principle of least privilege or least privilege principle refers to the concept of limiting access or permissions for users, applications, and systems to only the minimum necessary to perform their job functions or tasks. This principle matters because it helps to reduce the risk of unauthorized access, data breaches, and system malfunctions. By limiting access to only what is necessary, organizations can improve their security posture and reduce the impact of insider threats, malware, and other security risks. Additionally, adhering to this principle can also help organizations to comply with regulatory requirements and industry best practices.