IT Asset Inventory: Cyber Security Benefits

Creating a comprehensive IT asset inventory is essential for robust cybersecurity and efficient operational management. This task, while often overlooked, forms the foundation of your organization's security and asset management strategies.

Importance of IT Asset Inventory

An IT inventory ensures that all assets, including hardware and software, are fully accounted for. This is crucial not only for security purposes—such as in the case of lost or stolen devices—but also for quick recovery during a cyber attack, as it allows external security experts to rapidly assess and address which systems may be affected. Additionally, a well-maintained inventory aids in managing software licenses and hardware usage, preventing financial inefficiencies from unused or underutilized resources.

Benefits

Operational Benefits

Maintaining an accurate and comprehensive IT inventory streamlines several operational processes within your organization. For one, it simplifies the asset management process, ensuring that all hardware is accounted for, which is particularly helpful if a device is lost or stolen. Additionally, the inventory aids accountants in managing depreciation schedules effectively, supporting accurate financial reporting. It also improves the efficiency of staff and contractor onboarding and offboarding by ensuring that all necessary IT assets are properly allocated and returned.

IT Management Benefits

An organized IT inventory ensures that you have a complete understanding of your IT environment. This knowledge is crucial for managing and mitigating risks associated with "shadow IT"—areas of IT that are set up and used within the organization without explicit organizational approval. By having a clear view of all IT assets, IT managers can enforce security policies uniformly and integrate all IT resources into the organization’s main infrastructure, thus enhancing governance and control.

Security Benefits

From a security standpoint, an IT inventory provides foundational information that is essential for identifying and prioritizing security improvements. In the event of a cyber attack, having a detailed inventory allows third-party security professionals to quickly understand your IT landscape and respond more effectively. It is difficult to secure what you don’t know is there.  Furthermore, fully understanding the software and hardware deployed throughout your organization  helps ensure that your organization is registered for security-related notifications from critical service and data providers, enabling you to take swift action to mitigate threats.

Together, these benefits not only bolster your cybersecurity measures but also enhance overall organizational efficiency and governance, making a comprehensive IT asset inventory an indispensable tool for modern businesses.

Implementing the Inventory

To implement an initial IT asset inventory, focus on three main areas: Cloud Services (including Software-as-a-Service (or SaaS)), installed software,  and hardware.

Cloud Services: Tools such as Slack, GMail, and Microsoft Teams are staples in many operations. Keeping an updated list of these services helps manage subscriptions and ensures optimal use of cloud-based tools. Understanding what virtual machines (VMs) and infrastructure you have deployed in the cloud additionally helps to ensure these can be fully secured.

Installed Software: If a critical vulnerability emerges for a common software product, do you know if or where it’s installed in your organization? Maintaining records of purchased software and licenses can be helpful, and common endpoint detection & response (EDR) software can additionally often report installed software (and any associated vulnerabilities) in your organization.

Hardware Inventory: Document all physical devices like desktops, laptops, and mobile phones issued to employees. This helps in tracking their usage and ensures every piece of hardware is accounted for.

Collaborative Effort

The best way to compile this inventory is through a collaborative effort. Use a shared spreadsheet template accessible to all staff. Regularly discuss the importance of this document in staff meetings and encourage each team member to add information. For instance, at your next meeting, reserve time to explain the spreadsheet’s sections—emphasizing what data needs to be entered and why it's vital.

By fostering a team-oriented approach to filling out the inventory, you ensure a more complete and accurate document, setting a solid foundation for both cybersecurity and asset management.

Next Steps

Our free Cyber Security For Good course has all the templates, checklists, and guidance you need to establish an inventory. Click here to sign up for the course - it's designed to help organizations establish fundamental cyber security protections to help them protect their ability to do good in their communities. 
Do you have more questions? Get in touch with our experts here.