Cybersecurity Risk Management Using Threat Modeling

As cyber threats continue to increase day by day, businesses must take proactive steps to protect their sensitive data and assets with effective cybersecurity risk management. Cybersecurity threats 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, and hackers can breach these systems from several entry points, including computers, smartphones, cloud applications and network infrastructure.

It’s estimated that cybercriminals can penetrate 93 percent of company networks. 

One approach that can help organizations fight these intrusions is threat modeling. Threat modeling involves identifying potential threats and vulnerabilities to an organization’s assets and systems and helps businesses prioritize their cybersecurity risk management and mitigation strategies. 

The end goal? Mitigate the risk of falling victim to a costly cyber incident.

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

Cybersecurity Risk Management in 5 Easy Steps

1. Identify Assets That Need Protection

As an expert managed service provider, we know the first step is to identify assets that are most critical to the business. This includes sensitive data, intellectual property or financial information. 

Ask yourself, “What is it that cybercriminals are targeting?”

Don’t forget to include phishing-related assets, such as company email accounts. Business email compromise, one of the most common cyberattack methods, capitalizes on breached company email logins.

2. Identify Potential Threats

The next step is to identify potential threats to these assets. Phishing is a common threat, along with ransomware, malware or social engineering leveraged to gain trust.

Another category of threats could be physical breaches or insider threats, where employees or vendors have access to sensitive information.

It’s important to remember that threats aren’t always malicious. Human error causes approximately 88 percent of data breaches, so you should be aware of mistake-related threats, such as:

• Weak passwords
• Unclear cloud use policies
• Lack of employee training
• Poor or non-existent BYOD policies

Working with SkyTerra can help you fill any cybersecurity knowledge gaps your organization may have.

3. Assess Likelihood and Impact

Once you’ve identified potential threats, 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 cybersecurity risk management and mitigation strategies.

Base the threat likelihood on current cybersecurity statistics and assess risk through a security assessment carried out by a trusted third-party IT service provider. 

If you’re performing an assessment with only internal input, you’re bound to miss something, so it’s best to get a fresh set of eyes on the situation.

4. Prioritize Risk Management Strategies

Base your priorities on the likelihood and impact of each potential threat. Most businesses can’t tackle everything at once due to time and cost constraints, so ranking solutions based on the biggest impact on cybersecurity is important.

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 while aligning with their business goals.

5. Continuously Review and Update the Model

Threat modeling is not a one-time process. Cyber threats constantly evolve, meaning 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.

If your systems are outdated, consider investing in data center modernization backed by the latest in cybersecurity best practices.

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 helps them rank risk management strategies and reduce the likelihood and impact of cyber incidents. 

Here are just a few of the benefits of adding threat modeling to a cybersecurity strategy.

1. 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.

With the rise of artificial intelligence, new types of cyber threats are created every day. Ongoing threat modeling can also help companies stay ahead of new threats. 

2. Cost-effective Risk Management

Addressing risk management based on the likelihood and impact of threats reduces operational costs and can optimize company security investments. This will help ensure that businesses divide resources effectively and efficiently.

3. Business Alignment

Threat modeling can help ensure that security measures align with the business objectives, reducing the potential impact of security measures on business operations. It also helps coordinate security, goals and operations. 

4. Reduced Risk of Cyber Incidents

By implementing targeted risk management strategies, businesses can reduce cybersecurity risk, which in turn 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? Our experts can help you put in place a comprehensive threat modeling program. Contact us or book a meeting today to schedule a discussion.