Virima V6.0 will soon be available with an all-new look, enhanced discovery, mapping and vulnerability features and more. Stay tuned!

The battle against cyber threats: Protecting asset management firms from ransomware and phishing

The battle against cyber threats: Protecting asset management firms from ransomware and phishing

Ransomware and phishing attacks may seem like something that only happens to other companies, but they can and do happen to any business. These two threats are very common and they can affect any company regardless of its size or industry. That said, there are ways that asset management firms can protect themselves against these attacks.

Ransomware and phishing attacks are a growing problem for businesses

Ransomware is a type of malware that infects your computer and encrypts files on it. It then demands money in exchange for the decryption key needed to recover those files. Phishing attacks try to trick people into giving up their personal information, such as credit card numbers or passwords, by sending them fake emails that appear legitimate.

Both types of attack can be devastating for businesses: they can cause financial losses by locking up critical data and they also make employees less productive while they’re trying to recover from an attack or deal with the fallout from having their information stolen in a phishing scam.

If your IT asset management processes are compromised, you are at risk!

IT asset management is a critical part of your business. It’s how you keep track of your hardware and software, so that you can ensure they’re up-to-date, secure, and working properly. However, if the IT asset management process is compromised by phishing or ransomware attacks it could result in serious consequences for your company.

In order to protect against these threats it’s important that companies understand how their processes can be compromised by hackers who are trying to steal information or hold it ransom—and then make changes accordingly so that they don’t fall victim themselves.

6 Ways in which your ITAM is key to your cybersecurity

Don’t ignore the threat of phishing and ransomware

Phishing attacks are a real threat to businesses, and can be used to gain access to sensitive information. Phishing attacks are difficult to detect and prevent because they look like legitimate emails from trusted sources such as your bank or even other employees within the company. 

These fake emails contain links or attachments that instruct users on how they should update their account information or download software updates. If you click on these links or open any attachments included in the message, you risk installing malware onto your computer that could lead to data loss, identity theft or ransomware infection.

Keep your employees vigilant against these attacks

One way asset management firms can protect themselves against phishing attacks is by educating their employees about how these attacks work so they know what looks suspicious when receiving email messages from outside sources.

Invest in secure systems

Another way would be for companies with fewer resources available at hand may want consider investing in sophisticated cybersecurity solutions such as an anti-spam solution designed specifically for corporates which offers advanced content analysis technology along with enterprise grade encryption capabilities.

Be aware of the potential risks associated with third-party vendors, business associates and more

When it comes to protecting your company’s data, you can’t afford to overlook third-party vendors and business associates. These are third parties that have access to sensitive information or systems in your organization. They could be an attractive target for phishing attacks and ransomware attacks, so it’s important that you:

  • Be aware of the potential risks associated with third-party vendors and business associates who have access to sensitive data or systems;
  • Put procedures in place for managing these types of relationships
  • Ensure all employees know about them

Overcome cybersecurity challenges in asset management

IT asset management can help your company protect itself from ransomware and phishing attacks

IT asset management is a critical component of a cybersecurity program. It helps you identify risks, mitigate them and plan for the future.

The first step in protecting your company from ransomware or phishing attacks is to develop an IT asset inventory that includes software versions, hardware models and serial numbers of all devices on your network. An accurate inventory will enable you to identify vulnerable systems quickly so that they can be patched or replaced before an attack happens.

Get complete visibility into your IT ecosystem

IT asset management plays an important role in protecting against phishing and ransomware attacks. One of the main benefits of IT asset management is that it allows organizations to keep track of their hardware and software assets. 

By having a comprehensive inventory of all the devices and software applications on the network, organizations can easily identify any unauthorized or unapproved devices or software that could potentially pose a security risk. This helps prevent phishing and ransomware attacks by ensuring that only approved and secure devices and software are used within the organization.

Be safe with regular security updates

Another way that IT asset management protects against phishing and ransomware is through the implementation of security policies and procedures. IT asset management allows organizations to create and enforce policies around software updates, security patches, and access controls. This helps ensure that all devices and software applications are up-to-date and secure, reducing the risk of vulnerabilities that could be exploited by hackers. 

Additionally, IT asset management can help organizations monitor user activity and identify any suspicious behavior or patterns, which can be a sign of a potential phishing or ransomware attack. By having a strong IT asset management program in place, organizations can significantly reduce their risk of falling victim to these types of attacks.

Have a disaster recovery plan in place with ITAM

IT asset management also helps organizations maintain a backup and disaster recovery plan. In the event of a successful phishing or ransomware attack, having a backup plan is crucial to avoid data loss and minimize downtime. 

IT asset management ensures that all critical data and systems are backed up regularly and stored securely offsite. This helps organizations recover quickly from any cyber attack and reduces the impact on business operations. With a reliable backup and disaster recovery plan in place, organizations can rest assured that they can recover from any incident, whether it is caused by phishing, ransomware, or any other type of cyber attack.

Stay compliant at all times

Lastly, IT asset management helps organizations stay compliant with regulatory requirements. Many industries, such as healthcare and finance, have strict regulations around data privacy and security. 

IT asset management provides a central repository of information that can be used to demonstrate compliance with these regulations. This helps organizations avoid costly fines and legal consequences that can result from non-compliance. 

By implementing effective IT asset management practices, organizations can not only protect themselves from phishing and ransomware attacks, but also demonstrate a commitment to data security and compliance.

Stay ahead of vulnerabilities and reduce risk with CSAM

Stay protected against cyber attacks with Virima ITAM

Ransomware and phishing attacks are a growing problem for businesses. Companies need to address how their IT asset management processes can be compromised, as well as potential risks associated with third-party vendors, business associates and more.

Virima’s IT asset management platform provides a powerful solution for dealing with phishing and ransomware attacks. With complete IT lifecycle management capabilities and distributed IT asset inventory tracking, Virima’s platform enables organizations to quickly identify and respond to potential security threats. The platform is designed to be easy to deploy.

One of the key features of Virima’s platform is its vulnerability lookup to the NIST National Vulnerability Database (NVD). This enables organizations to stay up-to-date with the latest security threats and vulnerabilities, and take action to address them before they can be exploited by hackers. By leveraging the NVD, Virima’s platform provides a comprehensive view of potential security risks across the entire IT asset inventory, enabling organizations to quickly prioritize actions and minimize the risk of a successful phishing or ransomware attack.

Virima’s platform also enables organizations to track allocation and support ownership from initial assignment through hand-off to disposition. This provides a complete view of the entire IT asset lifecycle, from procurement to disposal, enabling organizations to optimize asset utilization and reduce the risk of unauthorized access or use. 

By tracking ownership and allocation, organizations can quickly identify any suspicious activity or unauthorized access attempts, helping to prevent successful phishing or ransomware attacks.

Finally, Virima’s platform enables organizations to track license entitlements against the actual number of software installs, with device-level and ownership details. This provides a comprehensive view of software usage and entitlements, enabling organizations to optimize license utilization and avoid costly penalties for non-compliance. 

By tracking software usage and entitlements, organizations can quickly identify any unauthorized or unapproved software, reducing the risk of successful phishing or ransomware attacks. Overall, Virima’s dynamic IT asset management platform featuring automated Discovery provides a powerful solution for dealing with phishing and ransomware attacks, enabling organizations to quickly identify and respond to potential security threats, and reduce the risk of a successful cyber attack.

Know more about Virima ITAM by scheduling a demo today!

Subscribe to Our Newsletter

More to Explore

Table of contentsUnderstanding ServiceNow® ReportsWhy businesses need reporting and how ServiceNow® helps Data sources to create reports in ServiceNow®Creating Custom Reports in ServiceNow®Creating Custom Dashboards in ServiceNowUnderstanding Dashboard Designer interface:Best Practices for ServiceNow Reporting and Dashboards Ensuring data accuracy and relevanceOptimizing report…

Table of contentsUnderstanding ServiceNow® CMDBBenefits of using ServiceNow CMDBUnderstanding ServiceNow® ITSMCore components of ServiceNow® ITSM Integration of ServiceNow® CMDB and ITSM: Why Does It Matter? Incident Management: Faster resolution with CI informationProblem Management: Identifying root causes and affected CIsChange Management: Assessing the…

Table of contentsServiceNow CMDB API Set UpAccessing CMDB Data Using ServiceNow API CMDB Understanding the CMDB API Structure: Endpoints and CMDB TableData Extraction and Querying Using ServiceNow CMDB APIHow to Extract Data From CMDB Using REST API Querying Through ServiceNow API CMDB:…

Table of contentsServiceNow Implementation: A roadmap for successHow Virima can helpServiceNow implementation best practices: In the world of IT, various systems and tools are used to manage different aspects of service delivery, such as incident management, change management, asset management,…

ITSM (IT Service Management) processes mapping documents and visualizes ITSM processes from initial request to delivery in an organization. It helps understand how IT services are delivered and how different processes interact in that organization.  Let’s say a large organization…

Are you tired of struggling to keep track of your organization's IT assets? Do you find yourself constantly searching for information on your company's hardware and software? Look no further than ServiceNow CMDB!  Configuration Management Database (CMDB) is a robust…

Configuration Items (CIs) are the building blocks of your ServiceNow CMDB. At the most basic level, a CI is any object that the system can manage. CIs include applications, devices, users and groups, and so on.  However, ServiceNow's CMDB also…

Effective IT Service Management (ITSM) processes and tools are critical to delivering quality IT services that meet business objectives and satisfy end-users. On the other hand, inefficient, ineffective, or outdated ITSM processes and ITSM tools can lead to a range…

How IT service management (ITSM) processes work? To understand how ITSM works, let’s consider a bustling international airport with several flights across many different terminals taking off and landing. It is an elaborate task to process such an enormous amount…

Service mapping is a key tool for incident and change management. It provides many benefits to the organization, such as enabling better communication between teams and reducing time spent on resolving incidents. Service mapping is a key tool for Incident…