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Jul
23
Implement threat modeling techniques to lower cybersecurity risks

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Businesses must remain proactive against cyber-threats as cybercriminals target sensitive data and assets. Data security threats come in many forms.



Modern offices are digitally advanced. Virtually all activities depend on technology and data exchange; hackers can gain entry through various entry points such as computers, smartphones, and cloud applications.


Cybercriminals have the capacity to penetrate an estimated 93% of corporate networks.


Threat models are one way of combatting intrusions. Cybersecurity employs this process of threat modeling; this involves identifying possible threats and vulnerabilities for an organization's systems and assets.


Threat modeling helps companies prioritize their risk mitigation and management strategies to decrease cyber attacks that could prove costly.


These are the steps businesses should follow to develop a threat model.


Protect Your Most Valuable Assets



The first step to protecting the most essential assets to your business is identifying them - this may include data, financial info, intellectual property or any other type of data that cybercriminals could target.


Assets related to phishing must also be included, such as email accounts for companies. Business email compromise attacks have seen rapid expansion over the years; taking advantage of compromised logins of company emails.


Locating Threats



Next, assess what threats could threaten these assets. Common examples include cyber-attacks such as phishing; ransomware, social engineering or malware are other threats which should be considered.


Threats could also include physical breaches and insider threats from employees and vendors with access to sensitive data.


Be mindful that threats aren't always malicious - 88% of data breaches are the result of human error and should be aware of errors-related threats such as:



  • Cracked passwords are an all too familiar problem.

  • Implementation policies surrounding cloud use remain opaque.

  • Employees without adequate training

  • BYOD policies in many businesses either don't exist at all or are of poor quality.


Assess Likelihoods and Impact



Once you have identified potential threats, the next step is assessing their likelihood and impact. Businessmen need to know whether certain threats will actually come true while taking into account how likely each one is. Also important are considering any impactful threats may have on business reputation or financial security as it allows ranking risk management strategies more accurately.


Assuming you understand current cybersecurity statistics, determine the likelihood of threats. Conduct a detailed vulnerability assessment; we suggest engaging an external IT service provider as this assessment might miss something vital.


Prioritize Risk Management Strategies



Next, prioritize risk management strategies based on probability and impact. Due to cost and time limitations, most businesses cannot address all threats simultaneously - therefore it's crucial that solutions are prioritized according to their impact on cybersecurity.



  • Implement Access Controls, Firewalls and Intrusion Detection systems

  • Employee Awareness and Training programs

  • Endpoint Device Management.

  • Decision makers should also identify strategies that are cost-effective while aligning with business goals.

  • Regular reviews and updates should take place for effective threat modeling

  • Threat modeling should not be treated as a one-off event; cyber threats constantly evolve, making businesses needing to review and update threat models to make sure security measures used are effective and align with business goals.

  • Threat Modelling Benefits for Business



Businesses seeking to mitigate cybersecurity risks must employ threat modeling as part of their risk mitigation strategies.


Threat modeling


Threat modeling allows them to identify any threats and vulnerabilities to their assets and system and rank risk management strategies more efficiently, ultimately decreasing cyber incidents' impacts and likelihood.


Threat modeling can add many advantages to your cybersecurity strategy.


Here are just a few benefits.


Understanding Threats and Vulnerabilities



Businesses can utilize threat modeling to gain a better understanding of specific threats that threaten assets. Furthermore, this method also exposes vulnerabilities that might pose threats; helping identify gaps in security measures as well as creating strategies for risk management.


Staying ahead of new threats requires continuous threat modeling. Every day, artificial intelligence creates new cyber attacks which could threaten complacent companies.


Effective Risk Management Can Save Costs


Cost-efficient risk management can reduce expenses by tailoring risk responses according to threats' probability and impact. This approach ensures maximum return from security investments while simultaneously making sure resources are allocated effectively and efficiently.


Business Alignment



Threat modeling can help ensure security measures align with business objectives and reduce any negative repercussions that security measures might have on operations, creating an overall harmony among security, goals and operations.


Reduced Risk of Cyber Incidents


Cyber-attacks are less likely to occur Businesses can reduce their risks through specific risk management strategies that take into account both probability and impact of cyber incidents, in order to safeguard assets while lessening any negative repercussions associated with security breaches.


Launch Your Threat Analysis



Need assistance starting up a threat analysis? Our experts can assist in creating a comprehensive program for threat modeling. Call now to arrange a meeting!


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