
CYBERSECURITY & COMPLIANCE
Financial Institutions
FINANCIAL INSTITUTIONS
Consultants Leading Dayton Area Financial Institutions in Information Security and Cybersecurity
FINANCIAL INSTITUTIONS
Consultants Leading Dayton Area Financial Institutions in Information Security and Cybersecurity
Financial institutions of all sizes continue to be a prime target for cyber-attacks. The financial services sector faces the most complex security requirement standards and the highest data breach cost-per-record. Apart from the immediate financial impact of a data breach recovery, a data breach can extend from brand and reputation damage to loss of revenue, degraded consumer confidence, lower employee morale, and greater regulatory scrutiny.
As the industry advances in technology, social trends, and continues to build consumer trust, we must continue to evolve and adapt with the increasingly complex cyber threats. CISOs and Information Security Officers play a strategic role in providing the knowledge necessary for financial services firms to advance and conduct business efficiently and securely. By developing strong security and risk management programs, financial institutions can continue to innovate, grow, and offer advanced solutions to their membership with confidence. LMS is a Dayton-based consulting firm that will partner with your IT team and provide oversight for senior level executives and Board of Directors.
As the industry advances in technology, social trends, and continues to build consumer trust, we must continue to evolve and adapt with the increasingly complex cyber threats. CISOs and Information Security Officers play a strategic role in providing the knowledge necessary for financial services firms to advance and conduct business efficiently and securely. By developing strong security and risk management programs, financial institutions can continue to innovate, grow, and offer advanced solutions to their membership with confidence. LMS is a Dayton-based consulting firm that will partner with your IT team and provide oversight for senior level executives and Board of Directors.
COMMON QUESTIONS RELATED TO FINANCIAL INSTITUTION CYBERSECURITY
FINANCIAL INSTITUTIONS
Create A Customized Security Program
FINANCIAL INSTITUTIONS
Create A Customized Security Program
LMS Consulting is a Dayton area firm which goes beyond the “check a box” approach to information security compliance standards. Information security is not a “One size fit all” program. As your virtual CISO, LMS navigates the complex industry requirements and develops a customized Information Security Program for your financial institution. LMS guides Ohio credit unions and community banks to achieve higher security standards, stronger security awareness, and a more mature security posture by using a framework consisting of five core functions: Identify, Protect, Detect, Respond, and Recover.
IDENTIFY
The financial institution must develop an understanding of managing cybersecurity risk to systems, data, people, assets, and capabilities. This is done through a series of assessments: FFIEC Cybersecurity Risk Assessment, GLBA Information Security Risk Assessment, and a Business Impact Analysis.
PROTECT
DETECT
RESPOND
RECOVER
FFIEC CYBERSECURITY RISK ASSESSMENT
LMS Consulting guides your leadership through an extensive assessment to identify your financial institution’s risk level (footprint) and current maturity level. Then we identify the appropriate maturity level based on industry standards. Once these have been identified, LMS Consulting will develop a scheduled plan to elevate your financial institutions maturity level to meet and exceed the industry standard.
GLBA INFORMATION SECURITY RISK ASSESSMENT
LMS Consulting partners with your financial institution to walk your leadership through a comprehensive Information Security Risk Assessment, which identifies how your company secures, transmits, and disposes member information.
PHISHING SIMULATION AND SECURITY AWARENESS TRAINING
LMS Consulting believes a security program should be a positive experience for all associates. We properly train your staff to become the “eyes and ears” of your security. With our simulation and training programs we turn a vulnerability into a human firewall.
CULTURE OF COMPLIANCE PROGRAM
Compliance is said to be just as important as revenue and thus should not be compromised. Having a strong compliance program will save a financial institution from the economic and social consequences of money laundering.
With over 35 years of experience in the financial sector, the CAMS certified consultant at LeBrun Management Solutions, LLC. (LMS) will help your financial institution develop its own Culture of Compliance. We will assist in the preparation of policies, procedures, and controls for an Anti-Money Laundering (AML) Program.
NEW HIRE AND ANNUAL TRAINING
When the regulators come to town, we make ourselves available to meet you and help prepare for the visit. We will also meet with the regulators on your behalf if requested.
WHAT ARE CREDIT UNION CYBERSECURITY REQUIREMENTS IN DAYTON AND OTHER OHIO AREAS?
Industry requirements typically depend on the asset-size of your financial institution. NCUA, FDIC, and other regulators are increasing compliance mandates for small and medium-sized financial institutions. This means that credit unions in Dayton, as well as other Midwest areas, should expect to see some of the following requirements:
- FFIEC Cybersecurity Risk Assessment
- GLBA Information Security Risk Assessment
- Business Impact Analysis
- Business Continuity Planning
- Security awareness training for employees, board of directors, and membership
SHOULD MY DAYTON-BASED CREDIT UNION HIRE A CISO?
Whether your organization is based in Dayton, other Ohio areas, or anywhere in the Midwest, a Chief Information Security Officer (CISO) can be critical in helping your financial institution develop an Information Security Program and maintain a strong security posture. Many companies have discovered a virtual CISO (vCISO) to be an effective and cost-efficient way to achieve their goals. A vCISO will perform many of the same functions at a fraction of the cost.
CISO Services should include:
- Security Plan and Risk Assessment Framework
- Governance and Board Strategy Development
- Corrective Action Plan Development and Execution Strategies
- Compliance Audit Guidance and Assistance
- Policy Development
- Security Awareness Program Development
- Social Engineering
- Incident Response Plan Development
- Business Continuity Planning
- Vulnerability Assessment and Penetration Testing
HOW MUCH DOES A CISO COST IN DAYTON, OH?
A Chief Information Security Officer (CISO) earns an average estimated salary ranging from $120,000 – $250,000 annually. This investment may be too much for a small to medium-sized company to handle. Many Dayton-based companies have discovered a virtual CISO (vCISO) to be an effective and cost-efficient way to achieve their goals. A vCISO will perform many of the same functions at a fraction of the cost.
IS MY MIDWEST COMPANY TOO SMALL TO BE ATTACKED?
HOW DO I STOP PHISHING?
Phishing is the most common method of cyber-attacks. The most common delivery method is through email. These attempts are becoming sophisticated and clever, making detection increasingly difficult for the average employee and/or member. While you cannot stop all phishing attempts, the following items can significantly reduce the risk of a data breach due to a phishing attempt:
- Email Filtering – Many of the top-recommended filtering software programs will block most spam emails. While this is necessary, it may also create a false sense of security since these phishing attempts are increasing in sophistication.
- Website Filtering – Companies should have filters setup to prohibit their users from navigating to potentially malicious websites. These websites may contain malware that can be downloaded onto your employee’s devices.
- Phishing Simulation – Building a strong security awareness culture is much like building a muscle. With routine simulation and training, your staff will build these security “muscles”, which helps detect any attempts not stopped by software filters.
- Security Awareness Training – Security awareness training can improve your staff and make them your “eyes and ears” for cyber-defense. Strong security awareness programs help turn your staff into a human firewall. They should understand how to detect phishing attempts (whether from email, phone, or text), in-person masquerading by social engineers, USB drop attempts, etc.
WHAT IS BSA AML COMPLIANCE?
A BSA compliance job involves assisting and supporting management and coordination of the AML/BSA/OFAC compliance functions corporate wide. A BSA compliance person will direct work efforts to ensure that applicable programs, policies and procedures of the corporation and affiliates comply with BSA/AML/OFAC laws and regulations.
WHAT IS THE PURPOSE OF THE BANK SECRECY ACT?
Its creation was to prevent financial institutions from being used as tools by the criminals to hide or launder their ill-gotten gains.
HOW ARE DAYTON FINANCIAL INSTITUTIONS USED FOR MONEY LAUNDERING?
The illegal funds are usually placed into a financial institution in order to layer those funds into different products offered by the financial institution to hide their original source. Then the funds appear to be legitimate when they are withdrawn from the financial institution. This is true whether you are based in Dayton, Midwest, or anywhere around the country.
WHAT MAKES A GOOD COMPLIANCE PROGRAM?
There are 5 pillars to a good compliance program:
- System of internal policies, procedures, and controls
- A designated compliance officers
- Ongoing employee training
- Independent audit function
- Customer Due Diligence
HOW DO YOU DEVELOP COMPLIANCE CULTURE?
There are 6 steps to develop a compliance culture:
- Leadership must understand and support compliance efforts
- Compliance efforts must not be compromised by revenue
- All departments must share information with compliance
- Compliance department must have adequate resources
- Must do independent testing of compliance program by third party
- Staff must be trained to understand the purpose of compliance and how suspicious transaction reporting is used
WHO IS RESPONSIBLE FOR COMPLIANCE IN A DAYTON-BASED ORGANIZATION?
The ultimate responsibility for the Bank Secrecy Act (BSA) compliance is with the Board of Directors.
WHAT IS THE DIFFERENCE BETWEEN TERRORIST FINANCING AND MONEY LAUNDERING?
Terrorist financing uses funds for an illegal political purpose, but the money is not necessarily derived from illicit proceeds. Money laundering always involves the proceeds of illegal activity. The purpose of laundering is to enable the money to be “cleaned” and used legally.
WHO IS FINCEN AND WHAT DO THEY DO?
FinCEN stands for Financial Crimes Enforcement Network and they are the U.S. Treasury Bureau in charge of managing the Bank Secrecy Act.
WHAT IS AN FIU?
A Financial Intelligence Unit. It is FinCEN for the United States. Their job is to receive suspicious transaction reports from financial institutions, analyze those reports and disseminate the findings to law enforcement and other foreign FIU to fight money laundering.
WHO IS OFAC AND WHAT DO THEY DO?
Office of Foreign Asset Control. They administer and enforce economic and trade sanctions based on US foreign policy and national security goals against targeted foreign countries, terrorists, international narcotics traffickers, and those engaged in activities related to the proliferation of weapons of mass destruction.
WHO IS FATF AND WHAT DO THEY DO?
Financial Action Task Force. They provide anti-money laundering guidance to governmental bodies around the globe. Best known for their 40 Recommendations. There are 9 FAFT style regional bodies in the world.

LeBrun Management Solutions, LLC
3572 Dayton Xenia Road, Suite 210
Beavercreek, Ohio 45432
Phone (937) 912-9045
Email info@lmsolutionsllc.com
Website https://lmsolutionsllc.com
In addition to Dayton, we also serve those in Kettering, Centerville, Englewood, Huber Heights, Springboro, Columbus, Cincinnati, and other Ohio areas as well as Indiana and Kentucky.
FINANCIAL INSTITUTIONS
Dayton Based Cybersecurity Consultants with Financial Institution Experience