6 ways IT asset management helps build your cybersecurity framework

Establishing a strong cybersecurity framework is essential in today’s evolving threat landscape. The global cost of cybercrime is predicted to reach $8 trillion in 2023 and $10.5 trillion in 2025, according to Cybersecurity Ventures. And a proactive defense is necessary yet costly.

“Worldwide end-user spending on security and risk management is projected to total $215 billion in 2024, an increase of 14.3% from 2023,” according to Gartner®[1].

The cost and need for better cybersecurity are top of mind – a recent SHI public sector cybersecurity study polled state and local government leaders across the U.S. and found the most pressing cybersecurity barriers included rapidly evolving, sophisticated threats and inadequate cybersecurity funding.

The role of IT asset management (ITAM)

ITAM functions as a building block in a robust cybersecurity framework, thereby enhancing an organization’s security defense. ITAM plays an important role in maintaining crucial facets of cybersecurity; below are six key points to keep in mind while assessing your ITAM practice.

1. ITAM helps to track and manage all IT assets, including hardware, connected devices, software, and networks. By providing a comprehensive view, including location, status, and configuration, this visibility aids in managing and controlling assets to ensure security.

2. ITAM contributes to the successful lifecycle management of IT assets, from procurement to disposal. With the importance of timely updates and patches, effective ITAM can help identify and address potential vulnerabilities and maintain the security of assets throughout their lifecycle.

3. ITAM improves proactive vulnerability management by identifying assets with critical vulnerabilities. This early detection mechanism aids in preventing potential cyberattacks.

4. ITAM plays a significant role in incident response. Having an updated inventory of all IT assets enables your organization to respond quickly and accurately to security incidents, minimizing potential damage and speeding up the response and recovery process.

5. ITAM is not just a reactive measure but a proactive one. Implementing a strong ITAM system can provide foresight into potential security risks, allowing organizations to address them before they escalate. This includes identifying unauthorized or unsecured devices or software that could pose a security risk.

6. ITAM enhances an organization’s cyber defense. Investing in effective ITAM can help you safeguard critical information and systems, ensuring business continuity and protecting your reputation.

Risks and consequences

A data breach is a prime example of the potential risk of inadequate ITAM. Software vulnerabilities could result in the theft of sensitive data, as well as severe financial consequences, including legal fees, compensation to affected consumers, and cybersecurity enhancements.

With the increasing prevalence of cyber threats and regulations requiring companies to protect personal information, it’s more important than ever for organizations to have robust ITAM practices in place to manage IT assets and ensure security and compliance.

Next steps to consider

ITAM is not just about tracking assets – it’s a crucial component of your cybersecurity strategy. It helps identify and manage potential vulnerabilities in your IT infrastructure. You can take steps to assess and improve your ITAM strategy, and our experts can help guide your journey.

First, evaluate your current ITAM practices. Look for any gaps or inefficiencies that may exist in your current practices. Start with an audit of your current IT assets and management practices. Identify areas for improvement and make a plan to address them.

Next, invest in robust ITAM tools – if you don’t already have them, consider investing in ITAM tools that can help manage IT assets effectively. These tools can provide valuable insights into your IT environment and help identify potential security risks.

Also, instead of treating ITAM and cybersecurity as separate entities, consider building a tighter relationship between the two. This approach can help manage and mitigate cyber risks more effectively. Regularly review and update ITAM practices to keep up with changes in your IT environment and the larger cybersecurity landscape.

Finally, explore continuous learning and improvement. Cyber threats are continually evolving, and so should your ITAM and cybersecurity strategies. Stay updated with the latest trends and practices in ITAM and cybersecurity, making necessary adjustments to remain prepared and secure. Consider training for your team or hiring ITAM specialists if necessary.

Consult with SHI – your IT partner

No matter your ITAM position, consult SHI’s experts for actionable insights. If you are unsure about how to implement or improve your ITAM and cybersecurity practices, we can provide advice tailored to your organization’s specific needs and help develop a robust strategy.

SHI’s specialized ITAM services and solutions can help streamline your operations, reduce costs, and minimize risks. From SAM-managed services for cost optimization and risk mitigation in a single service, to establishing an Optimized License Position to maximize value and IT spend, our ITAM services team uses the latest technologies and best practices. With offerings including audit management, SaaS cost optimization services, ITAM and SAM maturity assessments, and renewals management, we have your ITAM needs covered.

To transform your strategy and stay ahead in today’s threat landscape, schedule a free consultation with one of our experts today.

[1] Gartner Press Release, Gartner Forecasts Global Security and Risk Management Spending to Grow 14% in 2024, September 28, 2023. GARTNER is a registered trademark and service mark of Gartner, Inc. and/or its affiliates in the U.S. and internationally and is used herein with permission. All rights reserved.