How to Secure Asset Data: A Must-Know Guide for Every IT Leader

Do you remember Kevin Mitnick? No worries if you don't! 

Once dubbed as "the most wanted hacker in the world," Mitnick wasn’t known for breaking digital firewalls—he was known for breaking people. Through nothing more than a phone call and a little charm, he convinced employees at some of the world’s biggest companies to hand over passwords, access codes, and sensitive information. No brute force. Just human manipulation.

His story dates back to the '90s, but the threat he exposed—social engineering—is more relevant than ever in today’s digital-first and industrial asset management landscape.

From misconfigured mangement systems to untrained employees, modern asset managers are navigating a growing maze of cybersecurity risks.

With recent headlines like the AustralianSuper breach, which cost members over half a million dollars, the question is no longer “if” your data is at risk, but how prepared are you to defend it from risks?

You see, in today's digital world, asset management firms face a growing number of cyber threats. In fact, the IBM Cost of a Data Breach Report 2024 highlighted that the average cost of a data breach around the world was $4.88 million. That is a hefty price tag - and it doesn't even include the damage to the business' reputation and consumer trust. 

So, how can one keep digital assets safe and sound? Well, that's where we come in!

This article will explore asset management from a cybersecurity point-of-view, why it's important, and how to implement best practices to protect your asset data. We'll also look at some real-world examples of what can happen when things go wrong.

By the end of the article you will be able to perfectly answer the question: How secure is my asset data?

Ready to dive in? Let’s get started!

What Is Cybersecurity Asset Management And Why Does It Matter?

Cybersecurity asset management (CSAM), or cybersecurity asset management, is the process of finding, tracking, and protecting all of an organization's IT assets. Servers, computers, cloud-based apps, and Internet of Things (IoT) gadgets are all part of this, including increasingly critical areas like asset management in electrical systems.

CSAM puts security first, while traditional IT asset management works on lifecycle management and lowering costs. It's about knowing what assets you have, where they are, and what potential vulnerabilities you might need to address.

A report by Cybersecurity Ventures says cybercrime is predicted to cost the world $10.5 trillion annually by 2025. Your business can stay out of that statistic by adopting a robust CSAM strategy!

After all, cybercriminals are more interested in asset data because it often includes private data, such as customer information, bank records, and intellectual property. A successful breach can cost money, hurt the brand image, and kick off a series of legal troubles. Among these, common challenges include:

• Operational Disruptions: Let's say that ransomware attacks your trade systems and stops them from working. Not fun.

• Compliance Penalties: Regulations such as GDPR and CCPA impose strict data protection requirements, and failure to comply can result in hefty fines and sanctions.

• Reputational Damage: If you lose client information, it can erode consumer trust and incentivize them to do business with someone else.

Now that we've talked about the basics, let's move on to the most important components of good digital asset management!

Key Components Of Effective Cybersecurity Asset Management (CSAM)

Want to know how to keep your asset data as safe as Fort Knox?

Well, then you need to know what works and what doesn't in your asset management processes. Let's look at the most important parts of a good CSAM strategy.

1. Identify Comprehensive Assets And Inventory

To begin, you can't safeguard what you don't understand you own. This means listing all the things that are linked to your network, including hardware, software, cloud instances, and so on. 

2. Implement Continuous Monitoring And Real-Time Visibility Of Assets

Once you've got your inventory, you need to keep an eye on things. Continuous monitoring means tracking the status of your assets in real-time and analyzing their behavior for any suspicious activities. This visibility helps you spot potential problems before they turn into full-blown crises.

3. Implement Risk Assessment And Vulnerability Management

Okay, now that you know where all your assets are and are keeping a close eye on them, it's now time to find the weak spots. In this case, vulnerability control comes in handy to find, sort, and rank the weakest spots in your assets. Regular risk assessments is also crucial to understand your overall security posture.

4. Implement Robust Security Policies And Compliance Measures.

Policies ensure employees follow certain rules, including how to protect business assets. Policies such as entry controls, data encryption, and incident and response management are part of this. Not setting up or following such rules can cost you money, data and reputation. So, ask yourself: are your rules good enough?

Together, these aspects make a strong defense against cyber threats, but this cannot happen just once. It's a process that never ends and needs steady attention and change over time.

So, now that you know about the key components, let's talk about some of the problems you might face while keeping your asset data safe. Dive in!

Common Challenges In Securing Asset Data

It's not always easy to keep asset information safe. So, in what ways can it get challenging?

Let's look!

1. Managing A Diverse And Dynamic Asset Landscape

Most likely, your IT ecosystem is always changing. The newest cloud-based apps are right there next to aging systems that are as old as bread. Keeping track of everything, old and new, is the first problem to solve.

2. Ensuring Compliance With Evolving Regulatory Requirements

Staying compliant with regulatory requirements can feel like trying to hit a moving target. Plus, regulations like GDPR, HIPAA, and CCPA are constantly changing, and keeping up can be a real headache. So, are you certain that your business meets all the compliance needs? This question keeps many CISOs awake at night!

3. Addressing The Shortage Of Skilled Cybersecurity Professionals

There's a well-documented shortage of skilled cybersecurity professionals, with Cybercrime Magazine claiming that there will be 3.5 million unfilled cybersecurity jobs globally by 2025. This lack of skilled workers makes it harder to set up and maintain security measures. So, how can you keep your assets safe without enough skilled people to do the job?

TechDogs' POV: Protecting asset data is a difficult job that needs a mix of technology, processes, and skilled workers. Getting past these problems is important if you want to keep your clients' trust and protect your business from cyber dangers.

So what can you do? Well, let's talk about the best practices that can help you secure asset information.

Best Practices For Enhancing Asset Data Security

You do want to keep your digital kingdom safe, right? For that, you will need to know about the best ways to keep cybercriminals away.

1. Regularly Update And Patch Systems To Mitigate Vulnerabilities

This one's like taking your vehcile for monthly maintenance. If you don't update devices regularly, cyber threats can affect them. The Ponemon Institute found that for 60% of breaches/flaws, a patch was available but not used. Keep those systems updated, folks!

2. Implement Multi-Factor Authentication And Strong Access Controls

Multi-factor authentication (MFA) is like having more than one lock on your front door. Just having a password isn't enough these days. MFA adds an extra layer of access controls, making it way harder for unauthorized users to waltz in. Strong passwords are also a must. No more 'password123'!

3. Conduct Periodic Security Audits And Penetration Testing

Security audits are like check-ups for your network. Penetration testing is like hiring an ethical hacker to try to break into your business systems to show you the weak spots. It is better to look for those holes yourself than to pay after someone else has!

4. Train Employees And Conduct Awareness Programs

Employees are your first line of defense, but if they fall for phishing or other social engineering scams, they can also be your biggest weakness. Hence, security training programs are highly important.

As shown in the bar chart below, 85% of breaches in 2021 involved the human element. While that number has gradually decreased—82% in 2022, 74% in 2023, and 68% in 2024—it still represents the majority of data breaches. Clearly, humans behavior remains a critical area in cybersecurity!

Make sure that everyone on your team knows how to spot a cyber threats and also deal with it by learning  about security rules and possible risks.

TechDogs' POV: Securing your asset data isn't a one-time thing; it's an ongoing process. It requires constant vigilance, regular updates, and a proactive approach to security. Stay informed and vigilant to keep your digital assets safe!

Wrapping It Up!

That's all there is to it!

In asset management, cybersecurity isn't a jargon but a necessity to keep asset data safe, just as you would lock the front door before you leave the house. Pretty basic but important, right?

By tracking your assets and knowing where vulnerabilities lie, you can dodge a lot of headaches down the road. Sure, it may seem like a lot of work, but trust us, it’s way better than dealing with a data breach. Also, you’ll sleep better at night knowing that your assets are secure, right?

So, get your hands dirty and make a plan for managing your assets based on these insights!

Frequently Asked Questions

What Are The Methods Of Securing Data?

Key methods include encryption, access controls, regular backups, firewalls, multi-factor authentication, and secure data storage to prevent unauthorized access or data breaches.

What Does Securing Assets Mean?

Securing assets means protecting physical, digital, or financial resources from theft, damage, or misuse through policies, tools, and practices that ensure their confidentiality, integrity, and availability.

What Is An Asset In Security?

In security, an asset refers to anything valuable to an organization—data, software, hardware, or people—that must be protected from threats, risks, or unauthorized access.