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

Ransomware and phishing attacks are a growing problem for businesses
If your IT asset management processes are compromised, you are at risk!
Don’t ignore the threat of phishing and ransomware
IT asset management can help your company protect itself from ransomware and phishing attacks
Stay protected against cyber attacks with Virima ITAM
- - - Read more about Virima’s IT Asset Management Platform
Protect asset management firms from ransomware and phishing with Virima

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. These can be credit card numbers or passwords, by sending them fake emails that appear legitimate.

Both types of attack can be devastating for businesses. They can lead to financial losses through the lockdown of critical data. Additionally, they render employees less productive as they struggle to recover from an attack or handle the consequences of 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. This is 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.

Protecting against these threats requires companies to understand the potential compromises in their processes. Hackers may attempt to steal information or hold it ransom. Once this understanding is in place, it’s important to make changes accordingly to avoid becoming a victim to such activities.

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. It is because they look like legitimate emails from trusted sources. These can include 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. Thus it could lead to data loss, identity theft or ransomware infection.

Keep your employees vigilant against these attacks

Asset management firms can protect themselves from phishing attacks in one way by educating their employees. This education involves explaining how these attacks work. Consequently, employees become more adept at identifying suspicious email messages from outside sources.

Invest in secure systems

Another approach would be particularly suitable for companies with fewer resources. Such companies may want to consider investing in sophisticated cybersecurity solutions, such as anti-spam software. This solution, specifically designed for corporate uses, will offer advanced content analysis technology. In addition, these protective mechanisms provide 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. Also, 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. Preventing phishing and ransomware attacks occurs by ensuring the use of only approved and secure devices and software 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. Ensuring that all devices and software applications are up-to-date and secure helps reduce the risk of vulnerabilities that hackers could exploit.

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.

Protect asset management firms from ransomware and phishing with Virima

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!

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

Table of Contents

Ransomware and phishing attacks are a growing problem for businesses

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

Don’t ignore the threat of phishing and ransomware