IT Asset Management (ITAM): The missing piece in your cybersecurity strategy

May 6, 2024

Protecting an organization's assets is important for its success and resilience against cyber threats. An often overlooked yet critical missing piece in a company’s security strategy is IT asset management. While traditional cybersecurity focuses on securing networks and individual devices (endpoints), IT asset management plays a broader role. It ensures that a company's IT assets, including hardware, software, and digital information, are tracked and managed effectively throughout their lifecycle, from initial procurement to eventual retirement or disposal. Today's IT landscape is complex, with remote work, cloud environments, and choose-your-own-device like policies adding layers of management difficulty. The shift to remote work has further highlighted the importance of robust security measures, with breaches costing an average of $173,074 more (IBM).

Some businesses are proactive in dedicating a substantial portion, around 10-12%, of their overall IT budget to cybersecurity. Regardless, Flexera's 2024 IT Priorities Report found that 75% of IT leaders felt there was a risk of visibility gaps within their IT ecosystem. This risk creates security vulnerabilities, leaving organizations exposed to potential cyberattacks.

In this article, you will learn about the role of IT Asset Management in enhancing security measures and how integrating ITAM into your security strategy can strengthen your company’s defenses against cyber threats.

The benefits of a strategic ITAM security strategy

  • Proactive patch management: Outdated software with known vulnerabilities are the main targets for cyber attacks. ITAM provides a centralized platform to identify these at-risk devices and prioritize critical software updates. The IBM Security X-Force Threat Intelligence Index found that around 70% of data breaches in 2023 involved unpatched software. Implementing ITAM can proactively handle these vulnerabilities before they become security incidents.
  • Addressing shadow IT risks: Unauthorized devices and applications can create security blind spots and compliance risks, infiltrating the network. Gartner research suggests that businesses spend up to 30% of their IT budget on unmanaged shadow IT. However, ITAM can help identify and assess these shadow IT threats, helping determine if they pose a risk and take appropriate action. ITAM empowers businesses to gain control over these underlying costs and maintain a secure IT environment.

Read more: Effective management of IT assets in a remote work environment 

  • Minimizing overall costs: ITAM helps reduce costs by ensuring regular checks and maintenance are carried out, maximizing the use of current assets. It prevents unnecessary purchases by assessing the expenses of unused hardware and software. By tracking assets from acquisition to disposal, businesses can optimize spending based on current and future IT requirements. Additionally, ITAM enhances budgeting and strategic decision-making processes.

  • Comprehensive asset visibility: ITAM offers a centralized view of IT infrastructure including hardware, software, and digital assets. Companies like Atlassian, known for project management tools, and Salesforce, a leader in cloud-based solutions, rely on ITAM to oversee extensive device networks and complex cloud environments. Through an effective IT asset management solution, they can monitor all network-accessing devices, enforcing security protocols and upholding a secure IT environment.

  • Streamlined data security and user privacy: ITAM simplifies compliance with data privacy regulations such as GDPR and PCI DSS by tracking all devices, software, and data storage. This enables organizations to identify and resolve security risks, limit data access to authorized personnel, and maintain comprehensive records for user data requests, resulting in smoother audits and decreased risk of non-compliance penalties.

  • Maximizing Security ROI: ITAM helps businesses make the most of their cybersecurity budget. By identifying unused licenses and outdated systems, companies can reallocate resources to address critical security needs. This ensures that limited funds are directed towards areas that have the greatest impact on reducing cyber threats.

The bottom line

Integrating IT Asset Management into your security strategy is no longer optional. It's a crucial step toward achieving a more holistic and proactive approach to cyber threat detection, risk mitigation, and security compliance. By leveraging ITAM, organizations can significantly strengthen their defenses against evolving cyber threats.

Deloitte ITAM specialists believe that most of the inputs required to manage IT and cyber security should be a part of the standard functionality for a good ITAM tool. Additionally, with a solution like Velory, you can ensure your IT setup is secure from the very beginning. When you purchase new IT equipment through Velory, you choose from a predefined selection tailored to your needs. You can also add essential security features like Device Encryption for Apple devices or Mobile Device Management services for enhanced security measures. This helps keep your assets and data safe without hassle.

Velory assists organizations in monitoring all their IT assets, regardless of the geographical locations of their employees. Interested in enhancing the security of your remote assets? Schedule a demo to learn more.

Read More: 3 ways to counter financial losses through smart asset management