In an embodiment, a processor for clock signal modulation includes a clock source to generate a global clock signal, at least one processor component, a counter, and a circuit. The circuit is to: adjust the counter based on a level of activity of the at least one processor component; modulate, based on a value of the counter, the global clock signal to generate a modulated clock signal; and provide the modulated clock signal to the at least one processor component. Other embodiments are described and claimed.