What is Asset lifecycle?
Asset lifecycle Definition: The phases that an asset goes through from creation (collection) to destruction.
Understanding Asset lifecycle
The phases that an asset goes through from creation to destruction. The asset lifecycle encompasses planning, acquisition, implementation, operation, maintenance, and disposal phases. Each phase requires specific security controls to protect the asset appropriately. Asset lifecycle management is a key component of frameworks like ITIL, ISO 27001, and NIST 800-53. Organizations implement policies, procedures, and technologies to secure assets through each stage of their existence. For example, when disposing of old servers containing sensitive data, an organization would follow secure disposal procedures including physical destruction of storage media and documentation of the process. Related terms: Asset management, Media sanitization, Secure disposal, Chain of custody, Data lifecycle management, Configuration management.