While cybersecurity often dominates headlines, it's crucial to remember that physical security breaches can also pose a significant threat to organizations. In fact, some estimates suggest that losses from physical security incidents can be substantial, sometimes even rivalling those from cyberattacks. This highlights the importance of a comprehensive approach to security that addresses both physical and cyber risks.

The good news? The Industrial Asset Protection Association is tackling this challenge head-on.

In any industry and business, safety and cyber security have been at the forefront of every echelon of an organization for decades. It has been the responsibility of every employee to deal with and is a part of every job at every level of any business.

Unfortunately, physical security has never made it to the same realms leading to catastrophic losses for numerous entities. This doesn’t fit with the current world when sadly, security is at increasing scrutiny due to numerous wars and devastation affecting every corner of the globe.

A cultural shift to elevate security to required levels has been broached for many years. The Industrial Asset Protection Association has been formed by industrial security experts to deliver a service that mitigates this huge industry vulnerability.

Asset Protection focuses on safeguarding assets, whether physical, financial, or intellectual from potential loss or damage. It is more about preserving the value of assets and ensuring that they are shielded from risks, be it physical, financial, legal, or other unforeseen events.

Holistic Asset Protection underscores the vital importance of securing a broad spectrum of assets, including not just the physical premises and goods but also digital assets, information, and intellectual property. The approach advocates for the integration of Asset Protection into the very fabric of the organizational culture, ensuring that from the highest levels of leadership to the frontline employees, everyone is engaged, informed, and accountable for safeguarding the organization's assets.

This unified approach ensures that Asset Protection is not seen as a siloed responsibility but as a shared duty that is integral to the organization’s overall success and resilience.

The Industrial Asset Protection Standard (IAPS) marks a significant shift from traditional security terminology to a broader, more inclusive concept of Asset Protection, emphasizing the need to safeguard both tangible and intangible assets within industrial organizations. The IAPS revolves around the following core principles providing robust shields to safeguard assets:

• Accountability and Transparency: Hold all members of the organization accountable for Asset Protection, with clear policies and transparent communication about roles and responsibilities.

• Asset Protection Committees: To foster collaboration, organizations are encouraged to establish cross-functional Asset Protection committees. These committees serve as conduits of information, gathering and filtering data related to Asset Protection from various departments. The information collected by these committees is then collated by the Asset Protection department.

• Centralized Asset Protection Department: The Asset Protection Department serves as the central hub for overseeing all protection services, emphasizing collaborative responsibility among departments for a comprehensive strategy.

• Continuous Improvement: Commit to an ongoing process of assessing and improving Asset Protection practices and protocols, recognizing that the threat landscape is constantly evolving.

• Cultural Integration: Foster a culture where the ethos of Asset Protection is embedded in every action and decision made.

• Education and Empowerment: Ensure that all staff members are educated about the importance of Asset Protection and empowered to take proactive steps in safeguarding organizational assets.

• Establishing Policies: The IAPS encourages organizations to establish comprehensive Asset Protection policies that go beyond traditional security measures. These policies should address the protection of physical, digital, intellectual assets, and personnel, providing clear guidelines for their protection.

• Ethical and Regulatory Compliance: Ensure that all Asset Protection strategies comply with ethical standards and regulatory requirements, maintaining the trust of stakeholders and the integrity of the organization.

• Holistic Risk Management: Adopt a comprehensive risk management approach that addresses both physical and digital threats, ensuring a balanced focus on tangible and intangible assets.

• Innovative Technology Utilization: Leverage fit for purpose technology and innovative solutions to enhance the effectiveness of Asset Protection strategies.

• Proactive Asset Protection Posture: Encourage a proactive Asset Protection stance, where potential threats are identified and mitigated before they can impact the organization.

• Shared Responsibility: Emphasize that Asset Protection is a collective duty, where every individual within the organization plays a critical role, transcending departmental boundaries and not only the security department.

Asset Protection deserves the same attention as other types of risks, having lagged behind for decades. The Industrial Asset Protection Association provides the right vehicle to successfully navigate the route to bring this organizational deficiency up to standard.

It's time to elevate Asset Protection to its rightful place alongside cybersecurity and other critical risk management strategies. The Industrial Asset Protection Association provides the framework and resources necessary to bridge this gap and safeguard your organization's valuable assets.