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Cyber Security: How Protecting Customer Data Drives Profit

Posted by YourLoanAdviser Staff

Check out the top business stories on TV and online these days, and the headlines in magazines and newspapers, too. Listen to your associates’ stories. It’s all about who’s been hacked, what company got breached and how much client information landed in the wrong hands. Hits close to home, right? The loss of trust, even a perceived loss of trust, can hurt your business, negatively impact client relationships and drive down profits.

All of that is why your most valuable assets – customer data privacy and security — are paramount, and that’s especially true when it comes to education loans. How so? Because you’re dealing not just with parents but also students who represent your next generation of clients. Developing trust now is a must. Lenders should establish protecting customer data as a board-level priority, from top to bottom through all third-party vendors.

But getting board directors comfortable with and fully informed on your institutional security programs can be difficult. Stuart Levine, CreditUnionTimes contributing writer and CEO of EduLeader, LLC says “An educational program for board members will help. The board’s existing advisors, especially those with industry-wide and multi-company experience, such as independent auditors and outside counsel, can provide briefings. Other experts, such as cyber security firms, government agencies and industry associations can also provide education. Some boards consider recruiting directors with cyber security expertise, while they keep in mind the balance required among other needed skills.”

Protecting data privacy requires a process that involves controlling data access through a multi-tiered strategy. To ensure information security, YourLoanAdviser partners with Via West, a Tier 4 datacenter provider in a managed, hosted SSAE-16 SOC 2 Type II environment. Further, Veracode is utilized to perform static and dynamic application security testing of code and web applications. Additional elements include sophisticated data encryption and replication; an aggressive, layered approach to network security; and network scanning and monitoring. The compliance alphabet consists of Cobit, GLBA, FISMA, PCI DSS and NIST, while security standards center on AICPA SOC 2 Trust Services principles and criteria.

The ultimate goal, of course, is to help students secure their education and to pave the way for them to achieve their dreams for a better, more prosperous life. And it’s financial advisors, originating lenders, credit unions, complemented by companies such as YourLoanAdviser that play a huge behind-the-scenes role in making those dreams a reality, and protects your customer’s data.

“The keys here are proof and a track record,” says Michael VanErdewyk, YourLoanAdviser Founder and CEO. “YourLoanAdviser has long been able to lock down client data to protect lenders and their customers. Bottom line, we’ve worked with more than 450 lenders and one million borrowers, and $2.6 billion in loans have been insured with complete confidence. It’s our job to worry about, contend with and react to cyber threats, and even to anticipate those threats, all in our effort maintain that data security and integrity.”

Check out The YourLoanAdviser Solution for more details.

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