One of the biggest innovations in business has been the quick adoption of technologies. Yet, there are common mistakes that most organizations make when it comes to managing their IT assets properly.
Effective asset management is a critical imperative for the smooth functioning of technological operations. And by ensuring that IT assets are properly managed, organizations can improve operational efficiency, reduce costs, and enhance overall productivity.
But poor management frameworks and policies are still a common cause of asset failures, even in well-established organizations.
Let us explore common mistakes that leaders need to be aware of and avoid to ensure the proper implementation of IT asset management.
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Common Mistakes Businesses Make When Managing Their IT Assets (and How to Avoid Them)
Here are the most common mistakes that businesses make managing their IT assets and how to avoid them to ensure that your business remains secure from unwanted threats.
Failing to Maintain an IT Asset Inventory
Failing to build an inventory and maintain accurate records of devices and software is a common oversight that can lead to unexpected problems. Without a clear understanding of their IT assets, organizations would miss critical updates, eventually fail to renew licenses on time, and inadvertently expose themselves to security vulnerabilities. And this can easily result in increased costs, downtime, and potential data breaches.
Businesses should implement systems and tested processes to manage their assets effectively. It should be easy to track warranties, license renewals, and, importantly, the end-of-life dates for IT assets with an up-to-date inventory to ensure compliance with regulations. Asset management software or platforms can tremendously help companies keep accurate records through automation and even assign a designated employee to update the list periodically.
Inaccurate Asset Lifespan Tracking
Every asset has a lifespan that impacts its productivity and reliability. However, one of the main reasons for inaccurate lifespan tracking stems from poor management of IT assets. This can lead businesses to make mistakes, such as not properly disposing of their IT assets.
Because if a company does not have a reliable tracking system for their asset lifespans, there is no way of knowing when an asset needs to be replaced or when software requires an upgrade. As a result, devices can stop working, or software may malfunction—disrupting operations. And this means that if threat actors find these vulnerabilities, it increases the chances of ransomware attacks and data breaches, further damaging the organization’s reputation.
Companies should have a definite plan to dispose of IT assets, including data migration plans, especially for software that has reached its end of support. They should also ensure that all data is securely erased before disposal using specialized softwares. And proper disposal can be carried out by hiring a vendor to dispose of the devices properly.
Ignoring Software Updates
Some companies do not keep their software up-to-date with the latest updates and patches, which is crucial for protecting against security vulnerabilities. Many businesses neglect to even keep the track of the softwares they use, which makes them vulnerable to cyber attacks. And this has led to the loss of sensitive data, financial loss, and damage to reputation for many companies.
Asset management systems can help businesses to track which devices have been updated and which devices need to be updated. It can establish a regular schedule for updating and patching all software.
But businesses also have the responsibility to train their employees to keep their software up to date to prevent cyberthreats like zero-day attacks, which often lead to data breaches and ransomware attacks.
Not Managing Mobile Assets
As mobile devices become more popular, many businesses need to manage and secure them effectively. However, most companies fail to track their mobile devices properly, which can lead to significant security risks. And even those that do often miss granular asset details such as installed applications, enabled services, certificates, restrictions, and device identifiers.
Asset management platforms should provide mobile device management features for tracking detailed asset information, including operating system versions, installed apps, enabled services, locations, and more. They also offer essential features like purchase and warranty information, along with other relevant data.
Some platforms help ensure that all mobile devices are running up-to-date software, secured with a passcode, and most importantly, have remote wipe capabilities. Good asset management systems also allow exporting device details as CSV files and can automatically mask or remove personally identifiable information (PII) each time data is exported.
Not Conducting Regular Audits
Audits help companies identify all IT assets, including missing or unaccounted-for assets, and track their performance. But if you don’t have robust asset management software in place, conducting a comprehensive audit of IT assets can be very complex.
Unfortunately, most businesses don’t have the proper visibility about where their assets are or how they’re connected, and therefore cannot determine whether they’re being managed securely and effectively.
Regular audits allow businesses to remain proactive and keep their IT environment working smoothly, rather than being reactive to problems later. For this, asset management solutions help schedule periodic IT asset audits and automate the audit process. And with granular visibility, they enable end-to-end tracking and management of all your IT assets to ensure that every asset is accounted for and maintained properly.
How Siemba Can help
Properly managing IT assets helps to protect systems, sensitive data and even minimizes the risk of cyber threats.
Asset management allows organizations to efficiently utilize their IT resources and ensure that all assets are up to date. However, how can you secure your IT resources to support business goals? Siemba provides a PTaaS (Penetration Testing as a Service) platform that comes with advanced vulnerability scanning and threat detection capabilities, which helps identify and mitigate security vulnerabilities faster.
Siemba also offers a comprehensive suite of offensive security solutions, including expert-led penetration testing and vulnerability assessments. Contact our engineers today to learn how we can help improve your security posture.