Everyone knows what regulations are. Whether it’s HIPAA, GDPR, or some other long complicated acronym, we’re all familiar with the purpose. Compliance with these regulations is a totally different issue, though. To use GDPR as an example, a recent study showed that Fortune 500 companies may need to spend as much as $1b reviewing contracts and verifying compliance1 (this doesn’t even touch potential fines, which could be as much as 4% of a companies’ global annual turnover.) These costs are absolutely massive, and the core of the issue is the same across the board: when you have thousands of endpoints and potentially millions of software licenses, accurately reporting access and usage is really difficult.

So what’s the solution? Asset management (software and hardware) is the process of tracking and managing physical computers, network equipment, other hardware devices, and software licensing throughout the asset lifecycle—from acquisition to retirement. The goals of asset management are to track and manage all purchased assets in the IT infrastructure to provide comprehensive visibility and control. This becomes a critical tool in regulatory compliance. By being able to document compliance with ownership of assets, as well as show where all assets are deployed, you minimize the potential risks of unauthorized access. With the right SAM tools, such as Flexera’s Data Platform, a complete picture of IT software and hardware assets are available. A holistic view of all IT assets, no matter the location, is a key element to a successful compliance strategy.

To learn more about what Flexera’s Data Platform can do for your organization, click here

1 What are Top HIPAA Compliance Concerns, Obstacles? https://healthitsecurity.com/news/what-are-top-hipaa-compliance-concerns-obstacles

Source: https://www.flexera.com/blog/data-platform/2019/06/when-bad-data-meets-compliance-requirements/