Common use of Asset Classification and Control Clause in Contracts

Asset Classification and Control. 3.1. LIT’s practice is to track and manage physical and logical assets. Examples of the assets that LIT IT might track include: 3.1.1. Information Assets, such as identified databases, disaster recovery plans, business continuity plans, data classification, archived information; 3.1.2. Software Assets, such as identified applications and system software; 3.1.3. Physical Assets, such as identified servers, desktops/laptops, backup/archival tapes, printers and communications equipment. 3.2. The assets are classified based on business criticality to determine confidentiality requirements. Industry guidance for handling personal information provides the framework for technical, organizational and physical safeguards. These may include controls such as access management, end point detection and response, document classification and labelling, data loss prevention, encryption, security incident event monitoring and logging, and data destruction.