As many of your business’ records and accounts are stored or accessed electronically, it is increasingly important to not only inventory, secure and protect these assets, but to enable your business or its successor to access them. Some steps to take include:

  • Inventory.  Identify the hardware (CDs, DVDs, USB flash drives, computers, phones and other equipment), social media outlets, on-line banking and investment accounts, ecommerce transactions, cloud storage and vendors that constitute, store or access these digital assets.
  • Value.  Determine the commercial value of your digital assets (i.e. domain names) for insurance, protection and potential sale.
  • Collect.  All usernames, passwords, PINs, account names, subscriptions, fees, service providers, electronic payments and other information regarding these assets should be assembled and accessible, with a copy or key lodged with your attorney or other trusted person.
  • Identify. Name and empower a person(s) to access and control the digital assets and records.
  • Restrict.  Determine who will have access to and can use these assets, and how and when they can access them if you are not available.
  • Monitor. Document and preserve records that identify who accessed and what information they accessed.
  • Update. Routinely review and update your inventory and access all protection of your business’ digital assets.
  • Protect. Once identified and assembled, protect them and their value.

Brooks, Tarulis & Tibble, LLC can counsel and advise you on maintaining and protecting your business’ digital assets, as well as taking action to prevent their loss or recover their value.  Should you have questions in this regard, please contact us.

    This Brief is designed to provide our friends and clients with information regarding the various subject matters covered, it is not designed to take place of legal, accounting or other professional advice.  If expert assistance is required, the services of a competent professional should be sought. This memorandum may constitute advertising under the rules regulating Illinois attorneys.

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