Introduction: The Hidden Risks of Neglecting IT Assets

Consider leaving the entrance of your office wide open for a whole night. It sounds like a terrible idea, doesn’t it? Now think of your IT Asset Management or lack thereof; they’re feeling just as terrified. Companies today are increasingly dependent on technology, but neglecting the allocation and tracking of IT assets puts your business in jeopardy with severe security risks and compliance concerns. How does IT Asset Management (ITAM) help protect your company?

Let’s simplify how it works. 

What is IT Asset Management (ITAM)?

IT Asset Management is the business process that focuses on tracking, managing, and optimizing a company’s IT hardware, software, networks, and data storage assets. It guarantees that organizations have complete transparency over their IT ecosystem to mitigate data breaches and sustain compliance.

Codology AI offers IT asset management services for small and large enterprises, as well as systems IT infrastructure management and security compliance.

Why ITAM Matters for Security & Compliance

1. Mitigates Security Gaps:

Cybercriminals are constantly searching for vulnerabilities within IT systems. Unmanaged assets such as outdated software and neglected devices can pose a threat. IT asset management assists in:

• Identifying unsupported software that is sure to be prone to overexploitation.
• Guaranteeing that every device is updated with security patches regularly.
• Tracking lost devices to ensure unauthorized users cannot use the devices for malicious intent.

2. Guarantees Adherence To Regulations:

Business guidelines such as GDPR, HIPAA, and ISO 27001 have made it crucial for industries to secure sensitive information with great care. IT asset management assists in reducing the financial loss and damage to goodwill reputation by ensuring proper:

• Keeping precise details of IT assets for audit purposes.
• Help in ensuring that only authorized software that is non-licensed is installed.
• Help businesses practice data protection by controlling access to sensitive information. 

3. Minimizing Data Breach Risks:

43% of cyberattacks focus on disruptive small and medium businesses staggering as it may sound, the number comes from a lack of proper IT asset management. ITAM bolsters security through

• Tracking how information is accessed as well as to whom it is given, encryption protects the data from exposure.
• Proper disposal of obsolete devices to combat data exposure.
• Managing software licenses to minimize shadow IT usage (apps that employees use without formal permission).

Best Practices for IT Asset Management

To maximize the effectiveness of ITAM, there are certain practices that should be observed by businesses.

1. Maintain an Up-to-Date Asset Register :

Ensure that there is an updated asset register containing all company IT assets that include but are not limited to:

• Hardware: laptops, servers, and mobile devices.
• Software: installed programs and other licenses.
• Network Components: routers, switches, and firewalls.

2. Enable Automatic Reporting on Assets:

Utilize ITAM systems to automate the discovery, tracking, and reporting of certain assets. This reduces the chances of human error and inaccuracy.

3. Institute Routine Audits and Updates of Assets:  

• Perform periodic audits to analyze the security loopholes that may exist.
• Outdated software must be either updated or withdrawn “decommissioned” entirely.
• Compliance with the licensing agreements must also be monitored to mitigate the ICT penalties.

4. Role Based Access Restriction:

Restrict data access to only authorized persons. Employees should have access only to information pertinent to their roles and no more to mitigate security concerns.

The Business Benefits of IT Asset Management & IT Infrastructure Management:

Alongside security and compliance, IT Asset Management and IT Infrastructure Management have the following benefits:

• Cost Efficiency – Eliminate unnecessary expenditures on software and fines for non-compliance.
• Business Productivity – Enable operational professionals to resolve system outages quicker through rapid system malfunction diagnosis.
• Enhanced Decision Making – Get a better perspective on the utilization of IT resources and the expected return on future investments.

We at Codology AI assist businesses in improving the efficiency and security of their IT Asset Management and IT Infrastructure Management.

Final Thoughts: Secure Your Business with IT Asset Management

IT Asset Management goes beyond being an IT issue; it is a business necessity. Companies stand to benefit by proactively managing IT assets, as it helps minimize security risks, ensures compliance, and streamlines business activities.

Now it’s your turn. We would love to hear from you. How does your company manage IT asset management and IT infrastructure management? Comment below or contact Codology AI with your ITAM questions.