Lloyds Banking Group case study: tapping into a cyber innovation ecosystem //12.10.20
As one of the UK’s largest financial institutions that’s responsible for securing sensitive data for millions of customers, Lloyds Banking Group joined LORCA as our founding enterprise member to ensure it’s always at the forefront of emerging solutions and technologies.
The organisation is a member of LORCA’s Innovation Forum and Industry Advisory Board, which means it gets exclusive access to candid conversations about cybersecurity trends and challenges amongst policymakers, peers and competitors across a range of sectors. These forums help the team contextualise their challenges and understand how macro events such as COVID-19 or new regulation might shape security agendas in the future.
Lloyds Banking Group also plays an active role in shaping the supply side of cyber innovation. The team informs the selection criteria of our accelerator programme and helps LORCA decide which cyber companies we should support based on how relevant they are to industry’s needs.
LORCA works closely with Lloyds Banking Group to understand their current and future security challenges. We create a bespoke framework around these challenges, scout the market for potential solutions (including cyber startups from LORCA’s accelerator) and make targeted introductions for the team.
For a business of Lloyds Banking Group’s scale, the innovation team is bombarded by pitches from startups. LORCA helps them sift through the most relevant products or services, pre-screen potential startups and make impartial recommendations. We also manage the relationship with the startup on behalf of Lloyds Banking Group’s innovation team, providing feedback and guidance on how they can work more effectively with an organisation of that size.
Partnering with VIVIDA: a new way to approach security training
Most recently, this process led to Lloyds Banking Group piloting an innovative new approach to security training with VIVIDA (a member of LORCA’s fourth accelerator programme).
As always, Lloyds Banking Group was keeping its eye out for novel solutions that can help employees implement cybersecurity principles more effectively. In particular, it was looking for augmented reality or virtual reality training solutions to pilot. LORCA introduced the team to VIVIDA, which uses immersive, virtual environments and storytelling methods not seen elsewhere to create behaviour change and make people care about cyber on a deeper level.
After an initial demonstration, VIVIDA, ran a small internal proof of concept exercise for Lloyds Banking Group. This was followed by VIVIDA producing a more developed immersive education and awareness experience for staff to learn more about the threats posed by cyber criminals.
However, COVID-19 made using headsets more challenging, so VIVIDA quickly responded by creating a desktop version of the same training programme with all of the storytelling, interactive and immersive elements that Lloyds Banking Group needed.
Throughout this pilot, LORCA has facilitated the partnership between VIVIDA and Lloyds Banking Group, ensuring the lines of communication were effective and that VIVIDA understood Lloyds Banking Group’s unique aims, challenges and restrictions. We were able to support the bank with undertaking a pilot within a short time period, removing any potential blockers before they caused delays.