Learn How to Reduce Your Cybersecurity Risk with Threat Modelling

Threat Modelling
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What is Threat Modelling?


In the face of growing cyber threats, businesses must be proactive in safeguarding their sensitive data and assets against cyber criminals. Threats to data security are persistent and can arise from various sources.


Modern offices rely heavily on technology and data sharing for most of their activities. Hackers can exploit multiple entry points, including computers, smartphones, cloud applications, and network infrastructure. Therefore, it is crucial for businesses to take necessary measures to protect their digital systems.


Were you aware that cybercriminals can infiltrate an estimated 93% of company networks? Additionally, small and medium-sized enterprises (SMEs) are targeted three times more frequently than larger companies.


To combat security breaches, organizations can use a method called threat modelling.


This process involves pinpointing possible threats and vulnerabilities to an organization’s assets and systems. By doing so, businesses can prioritize their risk management and mitigation plans. The ultimate objective is to reduce the likelihood of incurring a costly cyber attack.


Below are the steps that businesses can take to carry out a threat model.


Identify Assets That Need Protection


To ensure business safety, begin by identifying the most crucial assets. These could be sensitive data, intellectual property, or financial information. It is essential to consider what cybercriminals may target, including phishing-related assets such as company email accounts.


Beware of a fast-growing attack called business email compromise, which exploits breached company email logins.


Identify Potential Threats


To ensure the safety of your assets, the next step is to identify potential threats. These threats can include cyber-attacks like phishing, ransomware, malware, or social engineering. Physical breaches or insider threats, where employees or vendors have access to sensitive information, are also possible threats.


It is important to note that threats are not always intentional. Human error is responsible for about 88% of data breaches. Be aware of mistake-related threats such as:


Weak passwords

Unclear cloud use policies

Lack of employee training

Poor or non-existent BYOD policies

Assess Likelihood and Impact


After identifying potential threats, it is essential to assess their likelihood and impact. Businesses need to determine the probability of each threat occurring and evaluate its potential impact on their operations, reputation, and financial stability. This will help prioritize risk management and mitigation strategies.


To determine the likelihood of threats, rely on current cybersecurity statistics and a thorough vulnerability assessment. It is recommended to seek the services of a trusted third-party IT provider for this assessment. Relying solely on internal input may result in overlooking some critical aspects.


Prioritize Risk Management Strategies


To effectively manage risks, it’s crucial to prioritize strategies based on the likelihood and impact of potential threats. However, since most businesses face time and cost constraints, it’s essential to rank solutions based on their impact on cybersecurity.


Some common strategies to consider include:


Implementing access controls


Intrusion detection systems

Employee training and awareness programs

Endpoint device management.


It’s important to determine which strategies are most cost-effective and align with your business goals.


Continuously Review and Update the Model


It’s important to understand that threat modelling is an ongoing process. Cyber threats are constantly changing, so businesses must regularly review and update their threat models. This ensures that their security measures are effective and in line with business objectives.


Benefits of Threat Modelling for Businesses


In order to lower their risk of cyber-attacks, businesses must engage in the crucial process of threat modelling. This involves pinpointing potential vulnerabilities and threats to their assets and systems, which helps them prioritize risk management strategies. By doing so, they can decrease the likelihood and severity of cyber incidents.


Integrating threat modelling into a cybersecurity plan offers numerous advantages:


Improved Understanding of Threats and Vulnerabilities


By utilizing threat modelling, businesses can improve their understanding of potential threats that could impact their assets. This process not only uncovers vulnerabilities but also identifies gaps in their security measures, ultimately helping to develop effective risk management strategies.


It is essential for companies to continuously engage in threat modelling to stay ahead of emerging threats, as artificial intelligence is constantly introducing new types of cyber-attacks. Remaining vigilant and proactive is crucial in avoiding falling victim to these new attacks.


Cost-effective Risk Management


Managing risks by considering the likelihood and impact of threats can decrease expenses and enhance the security investments of a company. This approach aids in the effective and efficient allocation of resources, ensuring that businesses operate smoothly.


Business Alignment


By implementing threat modelling, businesses can align their security measures with their objectives, thus reducing the potential impact of security measures on day-to-day operations. Additionally, it facilitates the coordination of security, goals, and operations.


Reduced Risk of Cyber Incidents


To lower the chances and effects of cybersecurity incidents, businesses can adopt specific risk management techniques. Such strategies safeguard their assets and minimize the adverse effects of security breaches.


Get Started with Comprehensive Threat Identification


Wondering how to get started with a threat assessment? Our experts can help you put in place a comprehensive threat modelling program. Get in touch today to schedule a discussion.