diff --git a/.github/SECURITY.md b/.github/SECURITY.md
index 258451e..8ae7fdd 100644
--- a/.github/SECURITY.md
+++ b/.github/SECURITY.md
@@ -1,23 +1,46 @@
-# Reporting Vulnerabilities
+# Security policy
 
-**⚠️ Please do not file public GitHub issues for security vulnerabilities as they are open for everyone to see! ⚠️**
+pytest-print is a pytest plugin that lets tests print progress and debug lines into pytest's report. This policy says
+how to report a security problem and how we decide whether a report is one.
 
-We encourage responsible disclosure practices for security vulnerabilities.
+## Reporting a vulnerability
 
-## Reporting a Vulnerability
+**Do not open a public issue for a security problem.** Use
+[GitHub's private vulnerability reporting](https://github.com/pytest-dev/pytest-print/security/advisories/new). If you
+do not have a GitHub account, or you are a Tidelift subscriber, report through the
+[Tidelift security contact](https://tidelift.com/security) instead; Tidelift coordinates the fix and the disclosure with
+us. If neither works for you, email [gaborjbernat@gmail.com](mailto:gaborjbernat@gmail.com).
 
-If you believe you've found a security-related bug, fill out a new vulnerability report via GitHub directly. To do so,
-follow these instructions:
+Include what the attacker controls and what they gain, the steps or a proof of concept, and the versions and platform
+you tested. Write the report yourself; unreviewed tool or model output takes longer to triage.
 
-1. Click on the `Security` tab in the project repository.
-1. Click the green `Report a vulnerability` button at the top right corner.
-1. Fill in the form as accurately as you can, including as many details as possible.
-1. Click the green `Submit report` button at the bottom.
+## What to expect
 
-## Don't have a GitHub account?
+Volunteers maintain pytest-print, with no on-call rotation. We aim to acknowledge a report within **5 working days** and
+assess it within **15 working days**. Fixes are developed in a private fork attached to the draft advisory, ship in a
+new release, and the advisory, with a CVE requested through GitHub, goes out with that release. The default embargo is
+**90 days** from the report; we agree any change with the reporter. We credit reporters in the advisory under the name
+they choose, or not at all. There is no bug bounty.
 
-Alternatively, to report a security vulnerability, please use the
-[Tidelift security contact](https://tidelift.com/security). Tidelift will coordinate the fix and disclosure.
+## Supported versions
 
-It is currently set up to forward every incoming report to Bernát Gábor. We will try to assess the problem in timely
-manner and disclose it in a responsible way.
+Only the latest release receives fixes. Confirm the problem reproduces on it before reporting.
+
+## Vulnerability or bug
+
+A report is a vulnerability when an attacker who controls only an input that the [threat model](THREAT_MODEL.md) lists
+as untrusted breaks a guarantee pytest-print makes. A report that first needs control of something the threat model
+trusts, such as the tests that call it or the pytest configuration, is a bug: we fix it in the open and publish no
+advisory. Classify by who supplies the dangerous input, not by how bad the outcome sounds.
+
+**In scope**
+
+- pytest-print writing anywhere other than pytest's terminal reporter.
+- pytest-print printing when its option or fixture was not used, in a way that exposes test data.
+
+**Out of scope**
+
+- Anything a test prints through the fixtures: tests are trusted code and choose what they print.
+- Terminal escape sequences in printed text; tests control the text.
+
+If you cannot tell which side a finding falls on, report it privately and we will decide.
diff --git a/.github/THREAT_MODEL.md b/.github/THREAT_MODEL.md
new file mode 100644
index 0000000..9e27fa7
--- /dev/null
+++ b/.github/THREAT_MODEL.md
@@ -0,0 +1,85 @@
+# Threat model
+
+This model says what pytest-print trusts, where untrusted input enters, and which guarantees hold at each boundary, so a
+report can be classified as a vulnerability or a bug. [SECURITY.md](SECURITY.md) covers reporting; if the two disagree,
+SECURITY.md wins and we fix this file.
+
+## How pytest-print works
+
+pytest-print provides fixtures (`printer`, `printer_session`, `pretty_printer`, `create_pretty_printer`) that write
+lines through pytest's terminal reporter while tests run, when `--print` or `-v` is given. It reads nothing from disk or
+the network and runs no code of its own beyond formatting the text it is given.
+
+```mermaid
+flowchart LR
+    test["Test code<br/>(trusted)"] -->|"printer(msg)"| pp["pytest-print"]
+    cfg[("pytest options<br/>(trusted)")] --> pp
+    pp -->|"terminal reporter"| out["Test report"]
+    classDef trusted fill:#cfe4ff,stroke:#1f6feb,color:#0b1f3a;
+    classDef boundary fill:#ffe3a3,stroke:#d29200,color:#3a2c00;
+    class test,cfg,pp trusted;
+    class out boundary;
+```
+
+## Compared with similar tools
+
+We drew the boundary where comparable projects in other ecosystems draw theirs. The shared rule, stated by the
+[Node.js threat model](https://github.com/nodejs/node/blob/main/SECURITY.md#the-nodejs-threat-model), is that a report
+which first needs a trusted element compromised is out of scope; the first triage question, as
+[DOMPurify](https://github.com/cure53/DOMPurify/blob/main/SECURITY.md#what-we-consider-a-vulnerability) puts it, is what
+the attacker controls.
+
+| Project                                                        | Language   | Where it draws the line                                                                                                             |
+| -------------------------------------------------------------- | ---------- | ----------------------------------------------------------------------------------------------------------------------------------- |
+| [Vitest](https://github.com/vitest-dev/vitest/security/policy) | JavaScript | Trusts the developer, the config file, plugins and every project file; only reports that need no trusted element compromised count. |
+| [Jest](https://github.com/jestjs/jest/security/policy)         | JavaScript | Test runner; private reports with an escalation path, and no separate threat model.                                                 |
+| [Mocha](https://github.com/mochajs/mocha/security/policy)      | JavaScript | Test runner; reports through Tidelift, with no further scope.                                                                       |
+
+## Trusted
+
+An attacker who controls any of these already has what pytest-print could give them:
+
+- The tests and the text they pass to the fixtures.
+- pytest, its configuration and its terminal reporter.
+
+## Untrusted inputs
+
+| Input           | Comes from                                           | What pytest-print guarantees                              |
+| --------------- | ---------------------------------------------------- | --------------------------------------------------------- |
+| None of its own | pytest-print takes input only from trusted test code | Prints only when enabled, only through pytest's reporter. |
+
+## Threats and controls
+
+| STRIDE                 | Threat                                                                | Control                                    |
+| ---------------------- | --------------------------------------------------------------------- | ------------------------------------------ |
+| Information disclosure | Debug lines with sensitive data appear when printing was not enabled. | Output is gated on `--print` or verbosity. |
+
+## Release chain
+
+Releases run on the shared [tox-dev/github-workflows](https://github.com/tox-dev/github-workflows) pipeline. A release
+App, not a person, pushes the release commit and tag; the build installs its tools from a hash-checked `pylock.toml`
+resolved with a seven-day upload cooldown by default; PyPI receives the files through
+[trusted publishing](https://docs.pypi.org/trusted-publishers/) with attestations, and the GitHub Release is immutable.
+Every workflow pins third-party actions to a commit SHA.
+
+## Vulnerability or bug
+
+| Report                                   | Verdict             | Why                                     |
+| ---------------------------------------- | ------------------- | --------------------------------------- |
+| A test prints a token with `printer`     | Not a vulnerability | The test chose to print it.             |
+| pytest-print writes lines to a file      | Vulnerability       | It must only use the terminal reporter. |
+| Indentation is wrong in `pretty_printer` | Bug                 | Formatting only.                        |
+
+## Severity
+
+- **Medium:** pytest-print writes anywhere other than pytest's terminal reporter.
+- **Low:** pytest-print prints while neither `--print` nor `-v` is given.
+
+## Accepted risks
+
+- None beyond what the tests print.
+
+## Keeping this current
+
+Revisit this model when pytest-print gains a new input source, network access, a new way to run code, or a new place it
+writes to, and whenever an advisory is published.
diff --git a/SECURITY.md b/SECURITY.md
deleted file mode 100644
index ae419c1..0000000
--- a/SECURITY.md
+++ /dev/null
@@ -1,9 +0,0 @@
-# Security Policy
-
-## Supported Versions
-
-Only the latest released version is supported with security updates. Older versions will not receive patches.
-
-## Reporting a Vulnerability
-
-Please report security vulnerabilities via [GitHub's private vulnerability reporting](../../security/advisories/new).