Are our company assets under control?

IT Asset Management concerns the identification and management of all assets in an organisation’s IT infrastructure, including hardware, software and data. It improves cyber security by enabling a more thorough understanding of the IT infrastructure.

The most important asset for any organization includes anything that can generate value, such as intellectual property, customer data, technology, physical locations, financial capital and employee knowledge. In a digital world, cyber security is crucial for protecting sensitive information, and implementing asset management is an effective component to achieve this.

How implementing asset management can improve cyber security

1. Identifying vulnerabilities
   Effective asset management allows an organization to identify all devices and software in their IT infrastructure. This process reveals outdated or vulnerable elements that are susceptible to cyber attacks. These vulnerabilities can be addressed through updates, patches or replacement.
2. Following and monitoring devices
   Asset management allows an organization to track and monitor the usage of all devices in their IT infrastructure. By detecting unusual or suspicious behaviour, such as unauthorized access or malware download attempts, an organization can respond quickly and effectively to potential cyber security incidents.
3. Inventory tracking
   Effective asset management ensures that an organization has an up-to-date inventory of all devices and software in their IT infrastructure. This inventory helps track the location and usage of devices, creating an accurate list of assets to be protected. It also helps reduce unnecessary IT costs.
4. Improve incident response
   Asset management improves an organization’s incident response capability by providing a complete picture of its IT infrastructure. This information enables an organization to quickly and accurately identify the source of a cyber attack and take the necessary steps to mitigate its impact.
5. Minimize conflicts and ensure optimal performance
   Asset management is a critical part of various business activities, including IT operations, financial accounting, software licences, procurement and logistics. Integrating and coordinating management can minimize conflicts and ensure optimal performance, given the overlapping and interdependent nature of these areas.

Recommendations for effective asset management

Setting up asset management requires a thorough and structured approach. Here are some steps organizations can take to implement asset management effectively:

1. Inventory: Maintain a detailed inventory of all IT assets, including hardware, software programs and data, with associated attributes and configurations.
2. Categorization: Classify assets according to their importance and criticality to the organization. This helps identify appropriate security measures.
3. Risk assessment: Conduct a thorough risk assessment to identify potential threats and vulnerabilities to IT assets, as well as their potential impact on the organization.
4. Access control: Implement strict access controls to ensure that only authorized users have access to resources, based on the principle of lowest privileges.
5. Monitoring: Conduct regular monitoring and audits to detect suspicious activity or potential security breaches.
6. Incident response: Develop an incident response plan to ensure that security incidents are detected, reported and addressed quickly.
7. Patching and updates: Update assets regularly and apply patches to fix known vulnerabilities and protect against new threats.
8. Training and awareness: Train employees in cyber security best practices and make them aware of their role and responsibilities in protecting the organization’s IT assets.

Eliminate unnecessary resources

To minimize risks and ensure optimal performance, it is wise to keep only the essential systems and data. Non-relevant or obsolete systems or information that does not meet business needs should be decommissioned. In doing so, all related data should be removed and relevant accounts or credentials disabled. Retaining resources that are no longer needed increases information vulnerability without any benefit. Cleaning up such assets helps reduce unnecessary risks.

In short…

IT Asset Management involves managing all IT assets, including hardware, software and data, to strengthen cyber security. The most important asset for organizations includes everything that generates value. In the digital age, cyber security is crucial and IT asset management enhances this by identifying vulnerabilities, monitoring devices, maintaining inventories, improving incident response and minimizing conflicts. Recommendations for effective asset management include inventory, categorization, risk assessment, access control, monitoring, incident response, patching, updates, training and awareness. Elimination of unnecessary assets is essential to reduce risk and ensure optimal performance.

the OpenSight 10 new year’s cyber security resolutions

During the OpenSight 10 new year’s cyber security resolutions, we will publish a blog each week about each of the ten resolutions as listed below:

• The company’s digital assets.
• Are my colleagues engaged and aware of cyber security?
• Are our company assets under control?
• Architecture focused on security and the business.
• How to keep vulnerability management in order?
• Who’s that? And what is he doing here?
• How do we protect digital assets?
• Is this normal behavior and does it happen more often?
• Preparation is key!
• Is there a weak link in my supply chain?

With these 10 new year’s resolutions, we at OpenSight hope to give you some insight regarding the ten steps you could take to decrease the chance and impact of an incident.

Want to know more?

Be sure to keep an eye on our blogs where, following these Cyber Security resolutions for 2024, we will cover all 10 topics in detail. Follow us on LinkedIn to be the first to know about all our updates!