Cybersecurity is a growing field that has gained much attention over the past few years. The threats and dangers posed by cyberattacks are increasing at an alarming rate, and businesses are scrambling to find ways to protect themselves. Hence, from 2022 to 2030, the global cybersecurity market is expected to grow at a compound annual growth rate (CAGR) of 12.0%.
Unfortunately, there are many challenges associated with cybersecurity as a domain.
Firstly, knowing when you are under attack and how effective any protective measures you take will be is difficult.
Secondly, while there are many different attacks, they often work similarly. They attempt to gain unauthorized access to your systems so that they can steal information or perform other malicious activities on your behalf. Because these attacks tend to have similar characteristics even if they come from different sources and use different methods, it can be difficult for companies to identify them early enough before damage is done.
Finally, once someone has infiltrated your system, they may not be able to leave without leaving behind some sort of trace—even if this trace remains undetected until much later.
That’s why asset classification in banking by rbi, information security, and cyber security is done to ensure that an adequate security level is offered as per value and associated risks.
Why Do We Need Asset Classification and Protection?
What is asset classification? Asset Classification and Protection is a vital part of asset management. It is important to clearly understand your company’s assets, their importance, and what risks those assets face.
Assets can be classified in three ways: by their physical form, their potential for use, and their location. When you know what these classifications are, you can plan for how to protect each one.
The first classification is the physical form. This includes tangible assets like machinery and land, as well as intangible assets like patents or trademarks. Tangible assets may need to be protected with physical barriers such as fences or locks; intangible assets may need intellectual property protection through trademarks or copyrights.
The second classification is potential use. This refers to how an asset can be used within your organization’s operations or by other parties outside of the business (for example, renting out equipment to other companies). Potential uses must be protected against theft or damage in order to ensure that they remain useful within your business model over time.
Finally, there is location—where an asset is located—which includes both internal locations, such as offices or warehouses, and external locations, like customer premises (e.g., retail stores). Assets within external locations are exposed to theft or damage from outside parties, such as burglars or vandals.
Asset protection is designed to control access to assets, both internally and externally. This means that only authorized personnel can access the various locations in which your business keeps its assets. It also means that those locations are secured against unauthorized access by using physical barriers (like fences or walls) or technological solutions (such as security cameras).
Asset protection can be used for a variety of purposes, including:
Asset classification and protection is a process that many companies are now following due to the rising number of cyber attacks. Companies use this process to inform their employees about how they should securely handle information. This will help them avoid any kind of breach or attack on their data by making sure that all employees know what type of information they can access and how much access each employee has got within the company.
What Is the Procedure for Asset Classification and Protection?
It’s important to follow a procedure for asset classification and protection to ensure that your business is adequately protected. This process classifies assets into different categories based on their value and importance.
In order for the process to work effectively, there should be an ongoing effort to maintain updated information about each asset so that you can make informed decisions based on your current circumstances.
Information Asset and Security Classification Framework
From the IT security perspective, asset classification in information security is a key component of securing your data and systems. The IT asset classification process involves identifying the value of each asset, then prioritizing security measures to protect these assets.
For example, we can classify an enterprise’s VPN connection as a high-value asset. It is because employees can access sensitive company data remotely. In such a case, VPN will be prioritized over other lower-priority assets like laptops used by sales staff that perform basic functions such as executing orders and managing customer relationships.
The threat classification process involves identifying potential threats to each asset; threats can originate from either external sources or internal threats (e.g., human error). Once these have been identified, countermeasures are applied based on their level of risk exposure.
You should also consider classifying your security controls based on their effectiveness against different types of threats in order for them to remain effective over time. It is because new vulnerabilities arise due to evolving technologies or changing user requirements that may not yet have been reflected in your policies or procedures.
Accountabilities and Responsibilities
Each party involved in the lifecycle of a cyber security asset is responsible for a different set of tasks. The asset owner is responsible for defining how their assets should be protected and monitored, as well as how other parties should access them. They are also expected to provide access rights in accordance with these parameters. As such, it’s important that they have an intimate understanding of what their assets do and why they exist; this knowledge will inform where the line gets drawn between too much visibility and too little transparency regarding who has access to which types of information or data at any given moment—and when those rules might change over time (if they even do).
The asset manager provides support services related to hardware maintenance and repair services; software updates; network cabling; etc. They do this while maintaining full accountability throughout each process’ lifecycle until completion/failure metrics are met before handing off responsibility back to someone else within its respective ecosystem. They’re also responsible for ensuring compliance standards are upheld across multiple systems managed by different teams on behalf of multiple stakeholders operating at various levels within an organization’s overall structure. Thus making sure everyone follows suit when it comes down under fire from regulators or competitors looking into recent vulnerabilities discovered within one particular system’s architecture itself.
Security Classification Process
The process of asset classification in cyber security and determining the level of protection required is referred to as “security classification.”
Determining the level of protection required for each asset is known as “threat assessment.” It involves assessing internal and external threats against an asset to determine its vulnerability, prioritize remediation actions, and allocate resources accordingly.
The next step in this process is assigning a security classification to each asset based on its value or sensitivity, criticality, and how well it can be protected relative to other assets.
Education and Awareness
It is important to educate and train employees on the basics of cyber security, including how they can help protect themselves and their company. The first step in this education process should be an overview of how a company’s assets are classified, as well as which assets require special protection. Employees should also be made aware of their responsibilities concerning Cyber Security issues. They should be told that they have a duty to report suspicious activity or breaches, but also be informed about what those terms mean and why reporting them is essential for preventing more serious harm from occurring later on down the line.
Employees should also understand their rights when it comes to privacy within the workplace environment:
Information Asset Register
An information asset register is a list of all the assets you have that need to be protected. It’s where you list what data your company owns, who has access to it, how much it’s worth, and so on.
The purpose of an information asset register is simple: To protect your business from cybercrime by listing all of your digital assets and their value so that employees know how important they are. If a malicious threat manages to infiltrate your network undetected, having this kind of record will help forensic analysts find out exactly what was stolen — and hopefully help them recover as much data as possible from backups or other sources.
It’s also useful for tracking down any unauthorized access attempts or insider threats (people who are authorized but misuse their privileges).
Cyber security is an evolving field that requires vigilance and a keen understanding of how to protect your assets best. The threat landscape is constantly changing, so it’s important to keep up with the latest trends and technologies. From network defense to data protection, asset classification provides an overview of the many threats organizations face today. If you seek to build a career in this domain, we’d recommend you check out our UNext website.