Asset theft is what happens when an employee or third party steals something from a company.
\nAsset theft can refer to both physical and non-physical theft and in some definitions, asset theft
\ncan even include things like time theft.<\/p>\n
Regardless of the type of business you run, asset theft can happen, and it can cost you millions
\nif you\u2019re not careful. In this article, we\u2019ll discuss the causes, consequences, and prevention
\nmethods of asset theft, specifically physical assets.<\/p>\n
Causes of Asset Theft<\/p>\n
When we talk about what causes asset theft, we\u2019re really talking about risk factors. The fewer
\nprecautions you take to deter asset theft, the higher the risk of asset theft.<\/p>\n
<\/p>\n
Some causes of asset theft include:<\/p>\n
\u25cf Unsecured assets. Unsecured assets are any assets that can easily be walked away
\nwith. An unsecured asset is generally one that is not locked or stored away or protected
\nby security guards.<\/p>\n
\u25cf Unmonitored assets. Similarly, unmonitored assets are at risk of theft because there is
\nnothing to deter thieves from stealing them. If thieves think they might be caught, they\u2019re
\nless likely to steal something. Monitoring assets can involve a number of strategies
\nincluding security guards or other employees, CCTV, or GPS tracking.<\/p>\n
\u25cf Employees. Poorly trained or unvetted employees can also pose a risk of asset theft.
\nThey have access to your company\u2019s assets during the workday and may be able to
\neasily steal under the radar.<\/p>\n
Consequences of Asset Theft<\/p>\n
Financial loss is the first and major consequence of asset theft. When your assets get stolen
\nyou lose out on the money it took to buy or develop said asset. You may also lose out on
\ncustomers if your loss prevents you from providing goods or services to customers.<\/p>\n
Other consequences include increased downtime and, in the case of non-physical asset theft,
\nleaked data.<\/p>\n
Prevention of Asset Theft<\/p>\n
1. CCTV: CCTV cameras will help deter thefts and help you identify and recover any thefts
\nthat are made.<\/p>\n
2. Locks: Locking and immobilizing assets also serve as a deterrent, making it much more
\ndifficult for thieves to break in or make off with an asset. Locks and immobilization tools
\ncan be used on storage room doors, truck doors, or on the vehicles or equipment
\nthemselves.<\/p>\n
3. Asset tracking: Asset tracking is a great way to deter employees from stealing and
\ncatch any thieves that make away with your assets. With asset tracking you can quickly
\nlocate your equipment for recovery. Plus, asset tracking has a whole list of other benefits
\nyour business can take advantage of.<\/p>\n
LVGPS is a trust source for asset tracking, as well as GPS tracking for vehicles, fleets, and
\nmore. Call us at 1-888-544-0494 if you have any questions.<\/p>\n","protected":false},"excerpt":{"rendered":"
Asset theft is what happens when an employee or third party steals something from a company. Asset theft can refer to both physical and non-physical theft and in some definitions, asset theft can even include things like time theft. Regardless of the type of business you run, asset theft can happen, and it can cost […]<\/p>\n","protected":false},"author":17,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"rank_math_focus_keyword":"","rank_math_description":"","footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"jetpack_post_was_ever_published":false},"categories":[11],"tags":[],"class_list":["post-7163","post","type-post","status-publish","format-standard","hentry","category-applications"],"yoast_head":"\n