It began at Live Oak Bank, a financial institution based in Wilmington, North Carolina, that specializes in loans for new and expanding small businesses across the country. Live Oak doesn’t have traditional branches, but even as a next-generation bank conducting much of its business online, it faced a time-consuming and inefficient shuffle of loan paperwork. Bank leaders searched for a better way, but found nothing to address their needs, so they decided to invent their own. The solution: nCino, a cloud-based and fully-integrated operating system that sits on the Salesforce platform designed especially to increase productivity, profitability and transparency (the Spanish word for live oak is “encino”).
nCino’s Bank Operating System maintains relationship data across all channels and combines automated workflow, business intelligence and document management to streamline operations by digitizing paper, eliminating manual processes, simplifying data entry and providing real time transparency across all business lines. nCino seamlessly incorporates these core features within essential bank functions to become the single platform for bank operations and customer engagement.
Izak Cronier, CIO of nCino, said the company has a robust IT department, but they also wanted a strong cybersecurity partner to bolster their internal expertise. For half the cost of hiring two or three highly trained cybersecurity experts, nCino chose DefenseStorm for their deep knowledge in both cybersecurity and banking.
The financial industry is a highly regulated environment. Everyone is very concerned about protecting their data, so it’s very important for us to keep our security posture up. That’s the reason we picked DefenseStorm – they provided a very specific service we were looking for.
Since deploying DefenseStorm’s cybersecurity solution a year ago, nCino’s IT team has had unprecedented insight into network events, said Jordan Pike, director of security operations. “The DefenseStorm dashboard is easy to use, and has allowed me to not only see what’s happening, but to have assurance that what we expect is happening actually is happening without having to hire three more people to monitor it 24/7.”
Pike loves that if he’s curious about something he’s able to quickly search large amounts of data and easily generate insightful reports. “If I have a need or a question, I just search for it,” Pike said. “I’ve never worked with a product so fast. It’s able to give the feedback to me immediately. The technology is never in the way.”
Abnormalities aren’t always attacks, and having detailed monitoring and searchable logs of the network activity helps the company distinguish what kind of event they’re looking at, whether it’s an employee who has accidentally downloaded malware or a malicious outsider. If an attack happens, Pike can provide up-to-the-minute reporting to management because DefenseStorm is tracking the incident in real time. This makes it easy to provide executives with insight and a detailed accounting of activity.
“You can’t just say security is strong, you need accountability. The way I’m able to show security is strong, and how DefenseStorm contributes to that goal, is the tracking and reporting,” Pike said. “You can even load your corporate policies intoDefenseStorm’s system, and it will track and log incidents within the parameters of company policies.”
TECHNOLOGY SUPPORTED BY EXPERTS
Pike has worked directly withDefenseStorm to get support for all of the devices in his IT environment. “What I think is really cool is that their arsenal is growing and keeping up with what’s out there. I have made several requests for devices they didn’t support that are now fully supported. They were not only able to meet every single request, but I got status updates while they were working on it. I’ve never worked with anyone who did that.”
Apart from the searchability and insight he’s gained from the DefenseStorm interface, Pike’s other favorite feature is DefenseStorm's TRAC team, the team of security experts who constantly keep watch, monitoring network logs and data streams. TRAC creates custom alerts to monitor for unexpected behavior and responds immediately to incidents – the team even calls Pike directly if something serious arises. He calls them, too.
I love being able to call them up anytime to answer a question; they’re always there to give guidance. Any company in this market would have trouble sourcing the talent and expertise that is a part of that team. Having them always there is a tremendous value. It’s like having an extension of my team, really.
nCino’s CIO and Director of Security agree that it’s not just the technological tools, but the experience in banking and security technology that makes DefenseStorm a valuable asset. When nCino signed on with DefenseStorm, the company was “right at the stage where we had to think about growing our security team,” Cronier said.
Instead, for the equivalent of hiring one person, I can bring in a company with multiple experts in the field and benefit from the experience they immediately bring to the table.
nCino is the leader in cloud banking for the financial services industry. Through its Bank Operating System, nCino leverages the power and security of the Salesforce platform to deliver a complete banking solution. Dedicated to transforming financial services through innovation, reputation and speed, nCino’s technology enables financial institutions of all sizes to expand market share, adapt to meet regulatory compliance, drive profitability and optimize operational transparency.
Founded in 2012, nCino is headquartered in Wilmington, NC, and currently serves over 100 financial institutions ranging in size from $150 million to over $200 billion in assets.