IT Asset Management (ITAM) is a critical aspect of any business's success and compliance. In our recent webinar, "Your First Step to Compliance," we explored the significance of ITAM, its impact on businesses, and the best practices to achieve compliance. Whether you attended the live presentation or missed it, this blog post will provide you with a comprehensive summary and insights that could change the way you manage your IT assets.
Importance of IT Asset Management
Our webinar began with a warm welcome, followed by an introduction to the world of IT asset management. We discussed how even governments have been impacted by outdated software, and how businesses often find themselves in a similar predicament with older systems. We shed light on the importance of ITAM for businesses, likening it to vehicle maintenance, and the need for striking a balance between cost control and maintenance.
Cyber Liability Insurance and IT Asset Lifecycle Management
There is a critical connection between IT asset lifecycle management and cyber liability insurance. Small businesses, in particular, need to understand the lifecycle of intellectual property (IP) as it can significantly impact their cyber liability insurance claims. Conducting a risk assessment for FTC compliance, showing how upgrading IT assets every two years can boost productivity by an impressive 42%, as per a 2017 study.
Improving Business Efficiency
Maintaining an up-to-date hardware and software inventory is crucial for business efficiency. We advised that warranty information for devices should be retained to ensure manufacturer support and hardware availability. By replacing laptops, tablets, and mobile devices every 2-3 years, businesses can keep their systems secure and up to date.
Managing Hardware Lifecycle and Security Vulnerabilities
We recommend budgeting for periodic hardware replacements, depending on the size of your network. This ensures that you're prepared to replace equipment when the time comes. Keeping spare equipment and warranties on hand minimizes downtime and the costs associated with hardware failures. Outdated programs were also discussed as a potential security risk due to a lack of security updates and patches.
Software Vulnerabilities and Outdated Systems
Our webinar highlighted the dangers of software vulnerabilities and outdated systems. A prominent example was given where hackers exploited unpatched vulnerabilities in a consumer router, exposing millions of devices to risk. The importance of software inventory and security patches was stressed for safeguarding your IT assets.
Software Management and Compliance
We shared a cautionary tale where a small business tried to save money by providing software only to employees who needed it. Unfortunately, this decision led to legal troubles when an employee reported them for illegal software use. The Business Software Alliance (BSA) investigated and fined the company $250,000. Avoiding shadow IT, maintaining control over installed software, and creating service agreements for software purchases were recommended.
Software Licensing Agreements and Updates
We further emphasized the significance of service agreements for software and security patches. We explained how the subscription model for software can often be more cost-effective than traditional purchase models. Additionally, we addressed the question of licensing agreements, noting that it depends on the software vendor and environment.
IT Asset Management Best Practices
Our webinar wrapped up with valuable best practices for small businesses. Ensuring that software patches are applied manually, implementing ITAM best practices for streamlined software maintenance and budgeting, and the importance of taking an inventory of computers and software for compliance reasons were discussed.
Missed the Live Presentation? No Worries!
If you couldn't make it to the live presentation, don't fret. We're pleased to inform you that a recording of the session is available for your convenience. You can access it along with summary notes, ensuring you don't miss out on the valuable insights shared during the webinar.
So, whether you're a small business owner, an IT professional, or someone simply interested in the world of IT Asset Management and compliance, our webinar provides a wealth of knowledge to help you take the first step towards a more secure and compliant future. Register for the replay and set your business on a path to success. Your IT assets are the key to a brighter tomorrow, so seize the opportunity now!
