As cyber threats continue to increase, businesses must take proactive steps. 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.
It’s estimated that cybercriminals can penetrate 93% of company networks.
One approach that can help organizations fight these intrusions is threat modeling. Threat modeling is a process used in cybersecurity. It involves identifying potential threats and vulnerabilities to an organization’s assets and systems.
Threat modeling helps businesses prioritize their risk management and mitigation strategies. The goal is to mitigate the risk of falling victim to a costly cyber incident.
We know that cyber threats are top-of-mind for Hop-A-Long I.T. clients, and we believe in taking all the steps possible to keep you safe. If you’re wondering how to conduct your own threat model, here are the steps.
Identify 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. When you consider your business, what would 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 capitalizes on breached company email logins.
Identify Potential Threats
The next step is to identify potential threats to these assets. One of the most common threats we see utilizes phishing techniques. 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
If you’re worried about human error or weaknesses causing data breaches for you, give us a call at Hop-A-Long I.T. We’re here to help make your tech needs STRESS-FREE.
Assess Likelihood and Impact
Once you’ve identified potential threats, the next step is to assess the likelihood and impact of these threats. Maybe it’s very likely that you might have someone send you a phishing email, but it isn’t likely that you’d see a large scale DOS attack. You’re the best judge of the likelihood and impact of each item on your list. Besure to think through what the impact of the risks are as well: Something might not be likely, but if it did happen, would it be devastating financially? Think through the impact on your operations, reputation, and financial stability. This will help you to rank the risk management and mitigation strategies (in the next step!).
Base the threat likelihood on current cybersecurity statistics, as well as a thorough vulnerability assessment. If you haven’t already called us for a security analysis, it’s a great place to start. Technical safety is top-of-mind for Hop-A-Long I.T., and we want you to sleep well at night knowing your business’s technology and data is safe!
Prioritize Risk Management Strategies
Prioritize 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.
If you haven’t already started security strategies, you might consider 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 modeling 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. Did you do a security analysis with us when you signed up? Are you on our managed services plan, but haven’t taken the time to review your security recently? We’re always looking to stay one step ahead of the cybercriminals, and we do it to keep your business safe!
Benefits of Threat Modeling for Businesses
Threat modeling is an essential process for businesses to reduce their cybersecurity risk. Identifying potential threats and vulnerabilities to their assets and systems is important. It helps them rank risk management strategies. As well as reduce the likelihood and impact of cyber incidents.
Are you thining of doing your own threat modelling? Consider these benefits:
Improved Understanding of Threats and Vulnerabilities
Threat modeling can help businesses gain a better understanding of specific threats. It also uncovers vulnerabilities that could impact their assets. It identifies gaps in their security measures and helps uncover risk management strategies.
Ongoing threat modeling can also help companies stay out in front of new threats. Artificial intelligence is birthing new types of cyber threats every day. Companies that are complacent can fall victim to new attacks.
Cost-effective Risk Management
Addressing risk management based on the likelihood and impact of threats reduces costs. It can optimize company security investments. This will help ensure that businesses divide resources effectively and efficiently. Planning for the more cost-intensive security management strategies can help secure your future!
Business Alignment
Threat modeling can help ensure that security measures align with the business objectives. This can reduce the potential impact of security measures on business operations. It also helps coordinate security, goals, and operations.
Reduced Risk of Cyber Incidents
By implementing targeted risk management strategies, businesses can reduce risk. This includes the likelihood and impact of cybersecurity incidents. This will help to protect their assets. It also reduces the negative consequences of a security breach.
Get Started with Comprehensive Threat Identification
Wondering how to get started with a threat assessment? The experts at Hop-A-Long I.T. can review your security risks and discuss the best mitigation strategies. Give us a call today to schedule a discussion.
Article adapted with permission from The Technology Press.