Absence of Hardware and Software Lifecycle Management
Severity Level: Priority 1
Category: Asset Management / IT Operations
Description:
No system exists for tracking hardware and software lifecycles or assets, leading to outdated equipment and software without a replacement plan.
Impact:
- Increased risk of using unsupported, vulnerable hardware and software.
- Non-compliance with asset management standards, risking penalties.
- Inefficient resource allocation due to lack of lifecycle planning.
- Potential downtime from untracked hardware failures.
FFIEC Reference:
- FFIEC IT Examination Handbook (November 2016):
- “Institutions must maintain a lifecycle management plan for hardware and software.” (p. 21)
- “Asset tracking ensures timely replacement and compliance.” (p. 22)
Recommendations:
- Develop Lifecycle Plan: Create a system to track hardware and software lifecycles.
- Implement Asset Tracking: Deploy an asset management tool for inventory control.
- Schedule Replacements: Plan for timely upgrades of end-of-life assets.
- Audit Assets: Conduct regular audits to ensure accurate tracking.