Using Modelling for Comprehensive Threat Identification

Posted 13th July 2023

With increasing cyber threats, businesses must proactively safeguard their sensitive data and assets from cybercriminals. Data security threats are persistent and can originate from various sources.

In today's digitally sophisticated offices, almost every activity relies on technology and data sharing. Hackers can exploit vulnerabilities in multiple entry points, including computers, smartphones, cloud applications, and network infrastructure. It is estimated that cybercriminals can infiltrate up to 93% of company networks. 

To combat these intrusions, organisations can adopt threat modelling as a practical and effective approach to cybersecurity. Threat modelling is a process that involves identifying potential threats and vulnerabilities to an organisation's assets and systems. By prioritising risk management and mitigation strategies through threat modelling, businesses aim to reduce the risk of falling victim to costly cyber incidents. 

Here are the steps that businesses can follow to conduct a threat model

• Identify Assets That Require Protection:
  The initial step is identifying the assets critical to the business. This includes sensitive data, intellectual property, financial information, and even phishing-related assets like company email accounts. Business email compromise, which capitalises on breached email logins, is a rapidly growing attack that should not be overlooked.
• Identify Potential Threats:
  The next step is identifying potential threats to these assets. Common threats include cyber-attacks such as phishing, ransomware, malware, and social engineering. Additionally, physical breaches or insider threats where employees or vendors have access to sensitive information should be considered. It is important to remember that threats are not always malicious, as human error accounts for approximately 88% of data breaches. Therefore, businesses should be aware of mistake-related threats, such as weak passwords, unclear cloud use policies, lack of employee training, and poor or non-existent BYOD policies.
• Assess Likelihood and Impact:
  Once potential threats have been identified, assessing their likelihood and impact is necessary. Businesses must understand the probability of each threat occurring and the potential impact on their operations, reputation, and financial stability. This assessment should be based on current cybersecurity statistics and a thorough vulnerability assessment, preferably by a trusted third-party IT service provider. Relying solely on internal input might result in overlooking crucial aspects.
• Prioritise Risk Management Strategies:
  The next step is to prioritise risk management strategies based on the likelihood and impact of each potential threat. Due to time and cost constraints, most businesses can only tackle some threats simultaneously. Therefore, ranking solutions according to their potential impact on cybersecurity is essential. Common strategies include implementing access controls, firewalls, intrusion detection systems, employee training and awareness programs, and endpoint device management. It is also crucial for businesses to determine which strategies are the most cost-effective and align with their business goals.
• Continuously Review and Update the Model:
  Threat modelling is an ongoing process since cyber threats constantly evolve. Businesses should regularly review and update their threat models to ensure the effectiveness of their security measures and alignment with their business objectives.

Benefits of Threat Modeling for Businesses

• Threat modelling offers several benefits to businesses in reducing their cybersecurity risk:
  Improved Understanding of Threats and Vulnerabilities: Threat modelling helps businesses better understand specific threats and uncover vulnerabilities that could impact their assets. It reveals gaps in their security measures and aids in identifying risk management strategies. Ongoing threat modelling enables companies to stay ahead of new threats as the landscape of cyber threats evolves rapidly.
• Cost-effective Risk Management:
  Addressing risk management based on the likelihood and impact of threats helps reduce costs and optimise security investments. This ensures that businesses allocate their resources effectively and efficiently.
• Business Alignment:
  Threat modelling helps align security measures with business objectives, minimising the potential impact on business operations. It facilitates coordination between security goals and day-to-day operations.
• Reduced Risk of Cyber Incidents:
  By implementing targeted risk management strategies, businesses can mitigate the likelihood and impact of cybersecurity incidents. This protects their assets and minimises the negative consequences of a security breach.

Get Started with Comprehensive Threat Identification

If you are wondering how to initiate a threat assessment, our experts can assist you in establishing a comprehensive threat modelling program. Contact us today to schedule a discussion and take the first step towards strengthening your cybersecurity strategy.