Financial Services

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.

LMS 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.

Our founding partners bring over 35 years of experience in financial institutions, giving LMS a deep understanding of the industry and uniquely positioning LMS to partner with your financial institution. Our firm has experienced professionals with extensive knowledge in Bank Secrecy Act, FFIEC Cybersecurity Risk Assessments, GLBA Information Security Assessments, Business Impact Analysis, and Information Security Awareness Training for your staff.

LMS 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 will develop a scheduled plan to elevate your financial institutions maturity level to meet and exceed the industry standard.

LMS 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 is the most common method used by cyber criminals to compromise a company’s system. Simulating these attacks consistently helps train employees how to spot and report phishing attempts. Additionally, security awareness training is critical to protecting your company from sophisticated cyber-attacks. Employees should be able to identify a threat, contain the threat, and report the threat.

LMS 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.

LMS consultants will provide staff training from frontline to senior management and the Board of Directors as required by regulators. LMS is poised to provide instructor-led classroom training, as well as video and online training. We will assist with the development of a new program or the enhancement of a current program.

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.

Cybersecurity education is something every single individual needs to take seriously. Although most companies offer some kind of information security training for their staff, very few people have access to quality courses that provide up to date information on the latest threats in their day-to-day personal lives.

Help engage, educate, and protect your customers and members from cyber-attacks with our information security awareness content. This program provides monthly, bite-sized video content to keep your viewers up to date on the latest scams and cyber risks so they can better protect their personal information. We provide the content to your company with your brand.

The FTC issued a Safeguards Rule that requires dealers to undertake steps in protecting consumer and personal data. These businesses are held to very similar standards as financial institutions, requiring them to develop, implement, and maintain an information security program with all of the technical and physical safeguards necessary for protecting customer information.

The information security program must be written and designed based on the size and complexity of the business. The FTC breaks down these requirements into nine elements:

This “Individual” can be someone on staff or a third-party service provider. 

Some safeguards include data encryption, implementing multi-factor authentication, proper disposal of sensitive information, evaluating changes to the information system and controls, and maintaining logs of user activity.

Outside of continuous monitoring, these tests include annual penetration testing, vulnerability assessments, and system wide scans.

A well-trained staff is the number one defense in cybersecurity.  Providing employees with ongoing security awareness training will help in spotting risks, multiplying the information security programs effectiveness.

MONITOR YOUR SERVICE PROVIDERS

When selecting service providers, be sure they maintain appropriate safeguards as well.

KEEP YOUR INFORMATION SECURITY PROGRAM CURRENT

CREATE A WRITTEN INCIDENT RESPONSE PLAN

In the event that a cybersecurity incident occurs, the information security program is no good if no one knows the steps to take after an incident.  Having a written plan, along with frequent testing of that plan, can drastically reduce the impact from an incident.

REQUIRE YOUR QUALIFIED INDIVIDUAL TO REPORT TO YOUR BOARD OF DIRECTORS

LMS has a strong history in assisting businesses within the financial services industry with the implementation of programs that cover all required areas. We realize that there is no one-size fits all program that will work for every dealership, that’s why the LMS approach is unique in designing customized packages that fit your business needs.