Tech is a huge part of keeping businesses running smoothly and safely. More and more industries are using OT, so managing these assets well is the reality today and is more significant than ever. OT assets include machines, industrial equipment, and control systems that help operate the business effectively.
As the incidence of cyberattacks increases and pressure from government regulations builds, companies need to go the extra mile to secure their OT assets. And this is where tech-enabled solutions enter the conversation. In this way, OT asset owners can monitor, track, and secure their OT assets, which helps them stay compliant with industry regulations.
Why OT Asset Management Is Essential to Improve Security
Many OT systems we have access to are connected to networks, so they are also susceptible to cyberattacks. These systems found in critical industries are hacked as they control essential components like the distribution of electricity, the water supply, or production procedures.
In this way, businesses can monitor all of their OT assets in real time through tech-enabled solutions. This feature allows for monitoring odd behavior like unapproved access or abrupt shifts in system functionality.
Upon detecting a problem, the system alerts security teams to take immediate countermeasures. The other rather critical security advantage of ot asset management is patch management. Vulnerabilities that hackers could exploit are fixed with software and firmware updates. Many companies can’t keep track of which systems have updates to apply.
The Importance of OT Asset Management in Compliance
All industries have laws and rules that businesses need to comply with. These rules exist to protect workers, customers, and the environment. Not meeting compliance standards can result in heavy fines, legal issues, and reputational damage. To understand which regulations apply to which assets and ensure compliance, tech-enabled OT asset management uses solutions that automate asset tracking, reporting, and regulatory compliance.
Maintaining accurate records is an essential part of compliance. Numerous regulations demand that organizations demonstrate they maintain secure systems. While this information can be tracked manually, it is cumbersome and leaves room for errors. However, an automated OT asset management system ensures companies create reports in seconds.
Risk assessment is yet another area of compliance challenge. Numerous regulations mandate that businesses recognize potential risks and take measures to mitigate them. OT asset monitoring tools can assist by offering ongoing surveillance of systems and catching vulnerabilities.
Technology Making OT Asset Management More Effective
Managing OT assets with people can take a huge amount of time and resources. As hundreds or even thousands of devices go into operation, businesses need a better way to track, secure, and maintain them. Tech-enabled solutions can provide improvements that people, processes, and systems cannot deliver, including automation, real-time monitoring, and advanced analytics to drive more effective OT asset management.
One key benefit of technology is that it allows for centralized monitoring. Rather than checking each system individually, companies can view all their assets from a single dashboard. This aids in identifying problems, managing updates, and accessing security measures.
Similar to IT systems, AI/machine learning can also be applied to OT asset management to further improve efficiency. These technologies can analyze patterns and spot anomalies before they become serious problems.
Remote access is yet another huge advantage of tech-enabled OT asset management. Historically, workers needed to be on-site to monitor or repair OT systems. Now, teams can monitor and manage these assets over cloud-based platforms from anywhere. This is especially useful for businesses with multiple locations or remote operations.
Why Organizations Should Invest in OT Asset Management
Not managing OT assets can have severe implications. This lack of oversight can lead to security breaches, compliance violations, or operational failures. A robust management system is not only better for the planet but seamlessly integrates into your mission. The alternative, recovering from a cyberattack or paying a regulatory fine, can be an order of magnitude more expensive.
A well-managed OT environment increases productivity by minimizing downtime. When businesses always understand the condition of their assets, they can conduct preventive maintenance before an issue puts their operations at risk. This prevents unanticipated malfunctions that can gum up production and cost money.
Reputation is another reason to prioritize OT asset management. Customers and business partners prefer doing business with companies that take security and compliance seriously. One data breach or compliance failure can tarnish trust and cost future business.
OT Asset Management in Action: Real-World Scenarios
OT asset management is needed by many industries to keep their operations secure. In energy, power plants use these systems to monitor and control electrical grids. While a cyberattack on a power grid might be potentially debilitating to large areas, strong asset management ensures that unauthorized access doesn’t provide a vector to conventional power conditioners.
Operations Technology (OT) asset management also helps manufacturing companies. Tracking machines and equipment through automation helps to notice probable failures before they happen. This minimizes production delays and maintenance costs.
In some highly regulated industries, such as healthcare, medical equipment has to conform to stringent security and compliance standards. OT asset management helps hospitals and clinics protect their devices and keep them running.
Transportation systems are even dependent on proper asset management. Airlines, railway, and shipping companies use OT systems to track vehicles, manage schedules, and maintain passenger safety. Any errors or failures in these systems can cause delays or accidents. Tech-enabled asset management reduces these risks by ensuring everything runs smoothly.
Next Steps in OT Asset Management
The need for OT asset management will only become more necessary as technology advances. Cyberattacks are evolving, and regulations are getting more stringent. When companies embrace tech-enabled solutions now, they will be ahead of the game for the future.
Blockchain technology is one trend that is shaping the future of OT asset management. Blockchain can offer an immutable record of all asset activity, making it easier to track changes and identify tampering. IoT is another technology, where smart sensors and devices sense and take measurements continuously to make asset management better.
More businesses are also adopting predictive maintenance, leveraging AI to anticipate problems before they occur. Instead of addressing issues reactively, businesses can adopt proactive measures to mitigate disruptions. This methodology conserves time, resources, and money.
Conclusion
If you own a business that is looking to improve security and compliance, then technology-enabled OT asset management has become a must. Using sophisticated tools, organizations can oversee their assets, identify threats, and resolve issues before they worsen. Such solutions can help businesses avoid cyberattacks, legal issues, and operational failures.
By investing in OT asset management, organizations can secure critical systems while ensuring greater efficiency and reliability. With real-time monitoring, AI-driven insights, and automated updates, companies can bolster their operations and enjoy a better competitive position.
FAQs
- How does OT asset management help in mitigating cyberattacks?
It monitors system activity, flags suspicious behavior, and ensures security updates are applied to keep hackers at bay.
- Will small businesses find value in OT asset management?
Yes, tech-enabled OT asset management tools can make security, compliance, and efficiency a reality for even the smallest of businesses. - What are the benefits of predictive maintenance in OT asset management?
Using AI can detect early warnings of equipment failure and allows businesses to address problems before they become catastrophes.
