As technology continues to grow by leaps and bounds, hardware, software, and other materials that become outdated and obsolete must be properly disposed of to reduce cybersecurity risk. In fact, the size of the Global IT Asset Disposition market is predicted to grow to $23.8 billion as soon as 2028, an overall growth of 8.5% CAGR.
While most people think of live data when assessing cybersecurity risk management options, data that remains on decommissioned equipment and other assets is equally tempting to cybercriminals—and risky for your business. Recently, banking and finance giant Morgan Stanley Smith Barney (MSSB) was hit with a $35 million fine by the U.S. Securities and Exchange Commission (SEC) for not properly disposing of IT assets. Additionally, the U.S. Department of Treasury fined MSSB $60 million dollars for improper IT asset refresh and decommissioning on top of the SEC fines.