The Importance of IT Asset Management in Security

Asset management is nothing new and has existed for over 300 years. However, with the mainstream introduction of computers in the workplace, networks, systems, and the internet, there is now a vital need for IT asset management for security.

The ITAM, or IT asset management industry is growing. In 2021, the ITAM market was worth around $1.1 billion. But, this is expected to double over the next decade to $2.3 billion as more businesses understand the importance of asset management. Apart from just being good business practice to use IT asset management, it can prevent theft, and increase security.

What is IT asset management?

Asset management for information technology can be carried out internally or as is becoming more common, outsourced. Finding the right company to manage your business IT is essential if you want the best service available.

IT asset management involves creating a full and detailed inventory of all tangible, and intangible assets in a business. This then helps to keep track and account for all IT resources.

Tangible assets would include hardware such as computers, while software and websites can be intangible. However, a website used for e-commerce would be considered a fixed asset, and even small sites have security issues that need resolving. IT asset management can help monitor networks, and improve security in these areas.

Benefits of IT asset management

Using managed services is becoming more popular with IT today. And using one of these services can bring about many benefits, including the tracking and maintaining of IT assets.

Another benefit of IT asset management is increased security. Resources can be tracked and deployed, and asset management software used to increase security, and reduce the chances of physical theft.

IT asset management helps to negate certain risks, including contracts and software licenses expiring without renewal. Compliance within a business is crucial, and ITAM can help a company achieve this. It can also help reduce costs by avoiding unnecessary purchases and create a more stable and controlled IT environment.

ITAM helps account for, upgrade, maintain, and make IT assets visible. And with the nature of online businesses, it also takes into account external threats and cybersecurity.

  In a nutshell, asset management can help improve the efficiency and security of a business.  Any business operating online should take IT asset management seriously, and those that do not use it could be putting their customers at risk. It’s essential to keep an inventory of your IT assets for better security and performance within your organization. Doing so will ensure you stay secure and ensure all your systems are running properly. With the right tools, you can protect yourself from hackers or accidental data breaches.

What are the three main areas of asset management in cybersecurity?

IT asset management now has to encompass more than physical theft; it can also be used to protect against cybercrime.

The increase in cybercrime, which surged dramatically during the pandemic, has led to some worrying predictions. It is estimated that by 2025, cybercrime could cost companies worldwide up to $10.5 trillion. This makes the cost of IT asset management insignificant in comparison.

The three specific aspects of a good cybersecurity strategy are prevention, detection, and response.

Prevention

One of the major advantages of professional IT consulting services is that many issues can be prevented before they occur. Less downtime means that both time and money are saved.

Preventative action can help to protect IT assets by securing systems and networks from potential risks and attacks.

Detection

Being able to detect possible malicious activity can help to bring about an end to an attack before a hacker has time to steal data, or cause any harm. One of the benefits of digital asset management is allowing only authorized individuals to access sensitive data.

Response

Part of securing IT assets is also being able to respond when an attack happens. Detection is vital, but so are containment and elimination. IT consulting services can help to prevent attacks, but they will also learn from them to prevent similar ones from reoccurring. It is also important to have a plan of action if an attack happens, and IT asset management can help with this.

 IT asset management can help to mitigate the damage caused by cybercrime, and ensure that a business’ IT assets remain safe.  It is essential for all businesses operating online to have an IT asset management strategy in place, if they want to stay safe and secure. In this day and age, cybersecurity should be taken seriously, as the cost of a data breach can be catastrophic. With an effective plan in place, however, companies can protect their assets from malicious attacks.

The main areas of asset management in cybersecurity are prevention, detection and response. Prevention covers securing systems and networks from potential risks or attacks while detection allows monitoring of any malicious activity. Response is also important in case an attack occurs, such as containing it and eliminating the threat. IT asset management can help to mitigate the damage caused by cybercrime and ensure that a business’ assets remain safe, saving both time and money. Ultimately, it is essential for businesses operating online to have an IT asset management strategy in place if they want to stay secure.

How do you choose managed services to protect your business’s IT needs?

You have decided IT asset management is something your business requires. so now you need to decide how to implement it.

Assuming that you have chosen to outsource ITAM then you need to choose a service that understands your business’s needs, and importantly, can meet them.

A local service is generally more desirable than one that only works remotely. However, a combination of both is often the best choice.

Other aspects to check for include the below:

• Affordable service
• Availability
• Inclusion of cybersecurity
• Consistent quality of services
• Experience

The IT consultants that you use should be affordable for your budget, but also provide the experience you need, and the necessary services such as cybersecurity. A local business that gets consistently good reviews will be worth talking to. But, they need to be available too, especially when the need for disaster recovery occurs.

Summary

IT asset management is controlled through tools or software that helps to track various tangible and intangible resources in a business. This area is often outsourced now, or consultants are brought in to set up a strategy for ITAM.

Due to how many businesses operate now, ITAM also takes into account cybersecurity and the varied risks that companies face today. IT asset management when used effectively, can help ensure compliance and avoid legal dangers, as well as reduce theft both physical and digital.