Lighthouse Wealth Partners is a boutique financial advisory firm dedicated to providing personalized, fiduciary-driven financial services. At Lighthouse, relationships come first—they maintain close, ongoing connections with a select number of clients to ensure each one receives the attention and care they deserve. As independent advisors, Lighthouse isn’t tied to any specific company’s products or goals. Instead, their advice is guided solely by what’s in the best interest of their clients, following the principle, "Is this what I would recommend for myself or my family?”
Their reputation for delivering "white glove service" has helped them build long-lasting client relationships, often working in collaboration with other professionals to create holistic financial strategies. With a commitment to low fees and customized planning, they’ve earned their clients' trust over years of dedicated service. But in an increasingly digital world, even the most trusted institutions must guard against new threats.
The Challenge: A Data Breach Shakes Client Trust
In early 2024, Lighthouse Wealth Partners faced an unexpected challenge—a security breach that exposed their system to bad actors. The attack came in the form of a phishing email, designed to look like a legitimate communication from another financial advisor. One of the team members entered their login information into what appeared to be a secure portal, inadvertently allowing hackers to access the company’s emails. Malware was installed, capturing every email that had been sent or received by that account.
The breach raised serious concerns for the firm. With clients’ personal identifiable information (PII) potentially in the hands of cybercriminals, Lighthouse Wealth Partners feared for both their clients' financial safety and their hard-earned trust. As a fiduciary firm, they were well aware of the responsibility they held to protect sensitive information. “Clients depend on us to protect their finances and their privacy. A breach like this makes them question whether we’re able to keep that promise,” explained Ryan Thomas, Managing Partner of Lighthouse Wealth Partners.
Immediate Impacts and Financial Cost
The financial impact of the breach was significant, with initial costs totaling $10,000. This included $5,000 in attorney fees and another $5,000 for a forensic investigation to assess the damage. However, these were only the beginning; the firm still needed to notify affected clients, which risked damaging the close relationships Lighthouse Wealth Partners had spent years cultivating.
While the firm had protective measures like VPNs, MFA, and malware software in place, this breach revealed that those tools alone weren’t enough to defend against sophisticated cyberattacks.
Why Lighthouse Wealth Partners Chose CloudWyze
Lighthouse Wealth Partners knew they needed a stronger solution to prevent future breaches. That’s when they decided to partner with CloudWyze, a local Wilmington Managed Security Service Provider specializing in advanced cybersecurity for businesses like theirs.
Several factors drove the decision to work with CloudWyze:
- Constant Monitoring: Lighthouse Wealth Partners recognized that their current security setup lacked real-time monitoring. With CloudWyze, they gained 24/7 oversight of their systems, providing continuous protection against potential threats.
- Phishing Prevention: CloudWyze’s proactive approach to cybersecurity includes regular phishing tests, ensuring the Lighthouse team would be better prepared to recognize and avoid similar scams in the future.
- Advanced Security Layers: Knowing that VPNs and malware protection alone weren’t enough, Lighthouse appreciated the multi-layered defense CloudWyze offered, including real-time scanning of email links and attachments to flag suspicious activity.
The partnership between the two companies was not just about technology—it was about working together to reinforce trust and strengthen Lighthouse Wealth Partners’ ability to protect their clients’ sensitive information.
The Custom CloudWyze Solution
After consulting with Ryan and conducting a thorough assessment of Lighthouse Wealth Partners’ (LWP) cybersecurity environment, CloudWyze developed a tailored security framework to reinforce LWP’s defenses and restore their clients’ trust.
Bo Wheeler, CloudWyze's Chief Revenue Officer, explained the approach: "We implemented our CloudWyze PRO cybersecurity solution, designed to address multiple attack vectors—endpoints like computers and mobile devices, email, and users. And, of course, we covered their Internet Domain."
He elaborated on the specifics, saying, "The Endpoint Solution incorporated Endpoint Detection and Response, Antivirus, and Managed Detection and Response. For mobile devices, we added Mobile Device Management and Mobile Threat Defense. We also fortified email security with Phishing Simulation and Security Awareness Training. Additionally, we included Dark Web Monitoring to alert us if any credentials tied to their domain appear on the dark web."
This comprehensive solution now has LWP protected around the clock. Wheeler noted, “With 24/7/365 monitoring, we’re taking care of their IT and cybersecurity, allowing LWP to stay focused on safeguarding their clients’ financial well-being.”
The Results: Enhanced Security and Renewed Client Confidence
Since joining forces with CloudWyze, Lighthouse Wealth Partners has seen a marked improvement in their cybersecurity defenses. Suspicious links are now flagged instantly, and employees are more cautious and better trained to recognize potential threats.
Perhaps most importantly, Lighthouse Wealth Partners has been able to communicate to their clients the steps they have taken to ensure such an incident won’t happen again. This transparency has helped rebuild client confidence and restore the trust that is so critical in the financial sector.
A New Understanding of Cybersecurity
This experience underscored the importance of continuous vigilance. “We always thought we were too small to be a target, but bad actors are more sophisticated than we realized,” Thomas said. The incident served as a reminder that in today’s digital age, even smaller firms need advanced, real-time protection.
His advice to other financial firms? “Don’t wait until it’s too late. The investment in CloudWyze’s cybersecurity service is far less costly than the damage a breach can cause—not just financially, but to the relationships you’ve built with your clients.”
By partnering with CloudWyze, Lighthouse Wealth Partners has fortified its cybersecurity defenses and taken a proactive stance against future threats. This collaboration has not only strengthened their operations but also reaffirmed their commitment to putting their clients’ interests first, ensuring that trust and financial security go hand in hand.