What is Threat Modelling and why you should be doing it?

Best Practices Corporate Cyber Awareness Cyber Security IT Strategy
28.06.2023
Best Practices, Corporate, cybersecurity, IT Strategy

What is Threat Modelling and why you should be doing it?

Businesses consider risk from many points of view: strategic, financial, compliance, and reputational. One common thread of risk throughout is cybersecurity risk. Unfortunately, cyber threats continuously increase and permeate every facet of the modern digital organization.

Businesses must take proactive steps to protect their sensitive data and assets from cybercriminals. This article provides a simplified guide to cybersecurity Threat Modelling for businesses.

Identify Assets That Need Protection:

Identify critical assets such as sensitive data, intellectual property, and financial information that cybercriminals may target. Don’t forget to include phishing-related assets like company email accounts.

Identify Potential Threats:

Identify potential threats such as cyber-attacks (phishing, ransomware, malware), social engineering, physical breaches, insider threats, and human error (weak passwords, lack of training, etc.).

Assess Likelihood and Impact:

Assess the likelihood and impact of each potential threat. Consider current cybersecurity statistics and vulnerability assessments a trusted third-party IT service provider conducts.

Prioritize Risk Management Strategies:

Prioritize risk management strategies based on the likelihood and impact of each threat. Consider implementing access controls, firewalls, intrusion detection systems, employee training programs, and endpoint device management. Ensure solutions are cost-effective and aligned with business goals.

Continuously Review and Update the Model:

Regularly review and update the threat model to keep up with evolving cyber threats. This ensures that security measures remain effective and aligned with business objectives.

Benefits of Threat Modeling for Businesses:

Improved understanding of threats and vulnerabilities, including emerging threats.
Cost-effective risk management and optimized security investments.
Alignment of security measures with business objectives, minimizing the impact on operations.
Reduced risk of cybersecurity incidents and their negative consequences.

Get Started:

At Genieall, we have assisted many clients with running a cybersecurity Threat Modelling program to help them identify and evaluate cyber risks to improve their cybersecurity posture. Contact u s to schedule a discussion.

About Genieall

Incorporated in 2012, Genieall Corporation is a privately-owned Canadian IT Services and Consulting company.  Being an ISO 27001 certified organization, Genieall provides managed and IT consulting services to companies in the Energy, Manufacturing, Construction, Health Care, and Finance verticals.

Genieall understands that IT infrastructure is fundamental to your business. For that reason, Genieall typically establishes trust with our clients by demonstrating our capabilities.

This is usually accomplished through a small engagement, urgent support requirement or consultation.

From there, our customers look to expand the support service to include both project and operational support using our Rightsourcing Model. (using the right balance of internal and external resources)

Throughout the process, Genieall’s culture of transparency, Customer-First approach along with our service model help us to establish and maintain trust.