Cybersec base #005: What is an Information Asset|Definition, Types, Asset Container, Asset Register

Once saw a film telling a story about a small tech startup that created a ground-breaking piece of software and was about to strike a lucrative deal with a large business. The software application's source code, though, was stolen from the company's computer systems by a hacker, who later sold it to a rival. The startup struggled to recover as a result of losing the contract. The company's founders realized the value of protecting its important assets and made significant investments in cybersecurity protections for their data and technology.

This post covers what information assets, information asset containers and information asset registers are. It also briefly discusses 11 types of information assets.

Hang tight!!!

1.1 What is an Information Asset

An information asset is information or data that is valuable. It is any piece of information that an organization values and wishes to protect from unauthorized access, modification, or destruction. Customer data, intellectual property, financial records, employee information, trade secrets, and other sensitive or proprietary information are examples of an information asset.

Information assets are significant because they can give firms a competitive advantage (As a business owner, assume you manufacture mobile phones; you don't want a competitor to learn your trade secret, do you?) to make critical business choices. They are, however, prone to security breaches or other dangers, which can result in data loss, financial losses, or reputational damage.

As a result, it is critical for companies and people to carefully manage their information assets, taking precautions to secure them from unauthorized access, theft, or other threat. These can include things like data encryption, access controls, and regular security audits.

1.2 Information Asset Container

An information asset container is a location where data is stored, processed, or conveyed. It is a location where an information asset "resides."

Examples of containers includes software, hardware, application systems, servers, networks, file folders, and humans(Are you surprised I referred to humans as containers?). Humans may carry around important information such as intellectual property and business plans, so yes, humans are Asset Containers too.

But Note: Humans can be both the biggest strength and the biggest weakness of an organization's cybersecurity defense. While systems and policies that protect an organization's digital assets are designed, implemented, and maintained by humans, they are equally prone to human mistake and manipulation by cybercriminals. To reduce the risks brought on by human mistake and manipulation, firms must engage in a continuous cybersecurity training and awareness initiatives for their staff(Trust me, TRAININGS ARE NEVER ENOUGH)

Organizations should better understand the significance of human behavior in cybersecurity and take steps to mitigate risks by seeing individuals as information asset containers.

1.3 Information Asset Register

One of the most significant tools that an organization can have is the Information Asset Register. It is also the initial step toward determining how to protect the assets.

An information asset register is an essential tool used by organizations to locate, classify, and rank their assets according to their level of significance, confidentiality, and sensitivity. The register contains detailed information such as its name, description, location, owner, custodian, classification, risk level, and any applicable security controls about each asset, enabling organizations to understand the types of data they have, their value, and potential risks related to their loss, theft, or compromise

The asset register also forms the foundation for planning incident response, vulnerability management, and risk assessments. It enables businesses to concentrate their cybersecurity efforts and resources on protecting their most important assets first, and to make sure that the necessary security precautions are taken to protect these assets from cyber threat.

(Don't worry, we'll go into Risk, data sensitivity, incident response, vulnerability management, and risk assessments in greater detail in a later post. REMAIN SUBSCRIBED!)

1.4 11 Types of Information Asset

Personal Identifiable Information (PII): this includes sensitive information like credit card numbers, social security numbers, and names and addresses. It can also include financial, medical, educational, employment and tax information.
Intellectual property (IP): this includes Patents, brands, trademarks, business methods, trade secrets, software, and copyrights.
Operational Information: this includes information regarding a company's processes, workflows, and procedures.
Legal Information: this comprises sensitive legal papers such as contracts, patents, and legal communication.
Configuration information: these includes Information on a company's network architecture, server configurations, and software configurations.
Customer Information: Any information on a customer, such as their name, address, and order history, falls under this category.
Vendor Information: this includes any vendor-related information, such as contracts, agreements, and payment information, as well as Supply Chain Information which comprises details about suppliers, vendors, and logistics partners.
Research and development (R&D) Information: This comprises private data pertaining to novel products, innovations, and technologies.
Log Data: This contains information about user activities, system events, and network traffic.
Source Code: This refers to software code used to build an application or software.
Business Plans: This comprises any confidential business plans, objectives, or goals that have been formed to better the future of the organization, including strategic plans, marketing strategies, and others.

"Asset protection is not about hiding your assets, it's about owning everything in a way that no one can take it from you."

- Robert Kiyosaki

Review Questions

What is an information asset in cybersecurity?
______________ is a tool used by organizations to locate, classify, and rank their assets according to their level of significance, confidentiality, and sensitivity
Scenario Based: An organization has put in place a number of cybersecurity measures and policies to protect its digital assets. However, employees have downloaded dangerous software and fell for phishing schemes, putting the company's data at risk. What actions should the business take to address the problem of staff members downloading malware and falling for phishing scams?
Research: What is the role of risk assessment in protecting information assets in cybersecurity?