A method includes accessing, from a data store, at least one predefined data classification for asset data associated with multiple assets in an industrial process control system, wherein the at least one predefined data classification is associated with one or more first policies, wherein the data store stores a plurality of data classifications for asset data. The method also includes receiving user input of a customization to the at least one predefined data classification to generate at least one customized data classification associated with one or more second policies. The method further includes storing the at least one customized data classification in the data store. The method also includes collecting asset data from at least one of the multiple assets. The method further includes processing the collected asset data according to the one or more second policies associated with the at least one customized data classification.