What is IT Asset Management?

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IT asset management definition

IT Asset Management (ITAM) is a systematic approach to identifying, tracking, and managing an organization’s IT assets to ensure they remain fully compliant with the security framework. According to the United States National Institute of Standards and Technology, "an effective IT asset management (ITAM) solution can tie together physical and virtual assets and provide management with a complete picture of what, where, and how assets are being used. ITAM enhances visibility for security analysts, which leads to better asset utilization and security."

In cybersecurity, this entire process is essential for minimizing risk and supporting the goals of a security operations center (SOC). ITAM empowers security teams to maintain an accurate, real-time inventory of each asset, including its status, location, and current level of security. Organizations then gain a foundation for reducing potential attack surfaces and mitigating risks associated with all assets, whether known or unknown. 

What is an IT asset? 

An IT asset is any piece of technology – hardware, software, data, or digital resource – an organization owns, leases, or utilizes within its operations. From network-connected devices like computers and servers to intangible resources like software licenses and cloud applications, IT assets play a central role in daily business functions.

In the context of cybersecurity, identifying each IT asset is a crucial first step for understanding potential vulnerabilities. Each asset must be tracked, updated, and managed within the ITAM process to maintain its security and compliance status. This comprehensive approach ensures all devices and resources are accounted for, reducing the likelihood of hidden vulnerabilities within the network. Types of ITAM include: 

  • Hardware asset management (HAM): Focuses on the physical components of IT infrastructure, including computers, servers, and networking devices, and tracks the lifecycle of physical assets from acquisition to disposal. 
  • Software asset management (SAM): Deals with managing software applications and licenses within an organization as well as ensures compliance with licensing agreements and regulatory requirements. 
  • Digital asset management (DAM): Involves managing digital resources like documents, images, videos, and other media files as well as ensures digital content is organized, accessible, and stored securely. 
  • Cloud asset management (CAM): Focuses on tracking and managing cloud-based resources, such as virtual machines, storage, and applications hosted on cloud platforms. 

IT asset management process

A foundational element of ITAM is asset discovery – the practice of continuously scanning the network to identify all connected assets, including any new or unauthorized devices. This process ensures comprehensive visibility over an organization’s resources, helping security teams maintain an accurate inventory and detect any unmanaged or potentially risky assets.

Effective ITAM not only accelerates a security organization's cyber asset attack surface management (CAASM) abilities, but also bolsters several critical aspects within an organization's security posture including:

  • Resource allocation
  • Compliance adherence
  • Cost control
  • Overall risk management

Implementing a structured ITAM process enables organizations to proactively manage their assets rather than react to potential issues as they arise. This approach not only reduces downtime but also streamlines operations, making it easier for teams to identify underutilized or redundant assets that could represent unnecessary expenses or potential security risks.

Often, security teams aren’t able to keep track of asset bloat on a network, even with the best of intentions. Thus, it becomes imperative to minimize vulnerabilities as new assets come onto and off of the network.

IT asset management lifecycle

The IT asset management lifecycle encompasses several stagees that cover an asset’s journey from acquisition to disposal. Each stage plays a critical role in maintaining the security and efficiency of the organization’s IT environment.

The lifecycle begins with planning and acquisition, where needs are identified, budgets allocated, and assets procured to support strategic goals. Once acquired, assets move into the deployment stage, where they’re installed, configured, and integrated into the organization’s network and/or systems. This phase is crucial for establishing initial security controls and ensuring compatibility with existing resources.

Following deployment, assets enter the maintenance phase, where they are regularly updated and monitored. Maintenance ensures each asset remains functional and secure by performing patches, optimizations, and security monitoring. This stage often involves collaboration between IT and cybersecurity teams to quickly address vulnerabilities and prevent unauthorized access.

Eventually, as assets reach the end of their useful life, they enter the retirement and disposal stage. During this phase, organizations must securely remove data, decommission devices, and dispose of or recycle assets according to regulatory standards. Secure disposal helps prevent data leakage and mitigates risks associated with outdated technology.

Benefits of IT asset management

Effective IT asset management (ITAM) provides a range of benefits that support both operational efficiency and cybersecurity goals. By keeping an accurate, real-time inventory of assets and their security statuses, organizations can make more informed decisions, improve compliance, and reduce risks. They can also experience the following benefits: 

  • Enhanced security: A comprehensive ITAM program ensures all assets are accounted for and regularly monitored. This visibility enables security teams to detect vulnerabilities early, apply patches promptly, and reduce potential attack surfaces across the network. 
  • Improved compliance: Accurate asset records make it easier to prove compliance during audits and prevent potential fines or penalties. 
  • Cost savings: By identifying underused or redundant assets, organizations can reduce unnecessary expenses. ITAM also supports smarter budget allocation, empowering teams to direct resources where they're most needed. 
  • Operational efficiency: ITAM streamlines IT and security operations by providing an organized, accessible view of all assets. With clear oversight, teams can make quicker decisions, reduce response times to security events, and improve overall productivity.

IT asset management best practices

To maximize the effectiveness of ITAM, organizations should implement a set of best practices that enhance visibility, security and operational efficiency. These practices help ensure that assets are not only managed effectively but also contribute to the organization's broader cybersecurity goals. 

Conduct regular audits

Regular audits are essential for verifying the accuracy of asset records and identifying any gaps in the inventory. By conducting periodic audits, organizations can validate that all assets are properly accounted for, up-to-date, and compliant with internal policies and industry regulations. 

Implement automated asset tracking

Automated asset tracking tools are invaluable for maintaining real-time visibility over all IT assets. By leveraging automation, organizations can continuously monitor assets, track changes, and receive alerts for any unauthorized or unusual activity. This proactive tracking reduces manual work, minimizes the risk of human error, and ensures that asset data remains current and actionable.

Automated tracking tools also enable integration with other IT systems, such as vulnerability management and configuration management databases (CMDBs), ensuring asset data is synchronized across platforms. This integration allows teams to correlate asset data with vulnerabilities, monitor compliance, and automate patching processes, strengthening overall security posture. In dynamic IT environments where assets are frequently added or reconfigured, automated asset tracking becomes essential for effective IT asset management.

Develop clear ITAM policies

Establishing well-defined ITAM policies provides a framework for managing asset lifecycles. These policies should cover every stage of the lifecycle – from acquisition to disposal – outlining processes for maintenance, updates, and decommissioning. 

Invest in training and awareness

Educating staff on ITAM policies and procedures is critical for maintaining a secure and compliant IT environment. Clear policies ensure that all employees understand their responsibilities regarding IT assets, supporting consistent and compliant asset management.

Regular training sessions help employees understand the importance of ITAM, their roles in asset management, and how to recognize potential security risks related to unmanaged assets.