Threat modelling is a process used in cybersecurity. It involves identifying potential threats and vulnerabilities to an organisation’s assets and systems. IT enables an IT team to understand the nature of threats, as well as how they may impact the network, helps businesses prioritise their risk management and mitigation strategies. The goal is to mitigate the risk of falling victim to a costly cyber incident. As cyber threats continue to increase, businesses must take pre-emptively actions. They need to protect their sensitive data and assets from cybercriminals. Threats to data security are persistent and they come from many different places.
Today’s offices are digitally sophisticated. Just about every activity relies on some type of technology and data sharing. Hackers can breach these systems from several entry points. This includes computers, smartphones, cloud applications, and network infrastructure. The best action can be a help with the businesses to stop these intrusions and safe-guard the data properties is by practicing threat modelling. Here are the steps businesses can follow to conduct a threat model.
Classify the Importance of Assets That Need Protection
The first step is to identify assets that are most critical to the business. This includes sensitive data, intellectual property, or financial information. What is it that cybercriminals will be going after? Don’t forget to include phishing-related assets. Such as company email accounts. Business email compromise is a fast-growing attack. It capitalises on breached company email logins.
Study the Potential Threats
The next step is to identify potential threats to these assets. Some common threats could be cyber-attacks such as phishing. Others would be ransomware, malware, or social engineering. Another category of threats could be physical breaches or insider threats. This is where employees or vendors have access to sensitive information.
Remember, threats aren’t always malicious. Human error causes approximately 88% of data breaches. So, ensure you’re aware of mistake-related threats, such as:
- The use of weak passwords
- Unclear cloud use policies
- Lack of employee training
- Poor or non-existent BYOD policies
Evaluate the Likelihood and Impact
Once you’ve identified potential threats, take the next step. This is to assess the likelihood and impact of these threats. Businesses must understand how likely each threat is to occur. As well as the potential impact on their operations, reputation, and financial stability. This will help rank the risk management and mitigation strategies. Base the threat likelihood on current cybersecurity statistics. As well as a thorough vulnerability assessment. It’s best this assessment is by a trusted 3rd party IT service provider. If you’re doing your assessment with only internal input, you’re bound to miss something.
Prioritise Risk Management Strategies
Prioritise risk management strategies next. Base this on the likelihood and impact of each potential threat. Most businesses can’t tackle everything at once due to time and cost constraints. So, it’s important to rank solutions based on the biggest impact on cybersecurity.
Some common strategies to consider include implementing:
- Access controls
- Firewalls
- Intrusion detection systems
- Employee training and awareness programs
- Endpoint device management
Businesses must also determine which strategies are most cost-effective. They should also align with their business goals.
Continuously Review and Update the Model
Threat modelling is not a one-time process. Cyber threats are constantly evolving. Businesses must continuously review and update their threat models. This will help ensure that their security measures are effective. As well as aligned with their business objectives.
Wondering how to get started with a threat assessment?
Our experts here at ASI Solutions can help you put in place a comprehensive threat modelling program. Contact us to connect with a security specialist and discuss the ways we can elevate your experience and security your business through managed security services with ASI Solutions.
