A threat is a possible cause of possible damage to your business. It may come from
a) people, inside or outside of your organization, ether deliberately or through neglection/ignorance/carelessness;
b) technology, working as expected or failing; or
c) environment, like lightning, landslide, flood, emissions, contamination etc.
You might add "acts of God", but that cause adds no value to this discussion. Sorry. Let's stay with common logical causes for the moment. As long as they exist, we need no more.
However, no threats make damage if there are no vulnerabilities for the threats to use. So: No vulnerabilities means no damage, whatever the threats. In other words, and so far:
1. eliminating a cause/threat eliminates damage through vulnerabilities used by that cause/threat.
2. eliminating/reducing a vulnerability eliminates/reduces damage from all causes/threats using that vulnerability.
But however complete you manage to eliminate/reduce threats and vulnerabilities, I bet there still are both threats and vulnerabilities left, and still damage may occur. To deal with this, you need to be prepared to act wisely in unwanted or unexpected situations. We need to add a weapon to our arsenal:
3. preparing for business continuity and disaster recovery – just in case…
One basis for your choice of actions, whether they aim at elimination/reduction of threats or vulnerabilities or preparedness for unwanted situations, is a threat and vulnerability analysis. But this is not enough. In order to understand the profitability of your possible actions, you also need to analyze the probability of the damage you want to avoid, and the total value – or cost – of that damage and your choice of mitigation.
Now we have what we need to decide on treatment of threats – a more or less complete Risk Analysis.

