The Maryland Department of Labor’s Office of Financial Regulation has deployed a new cybersecurity monitoring service offered by network security provider SecurityScorecard to enhance the office’s supervision of Maryland financial institutions and further its consumer protection mission.
“Guarding against cyberthreats is a critical part of safeguarding Maryland’s financial networks,” said Maryland Department of Labor Secretary Portia Wu. “These cybersecurity monitoring services enable the Office of Financial Regulation to deploy modern tools to supervise financial institutions and ensure Marylanders can carry out their financial transactions safely and securely.”
The SecurityScorecard will conduct continuous, real-time monitoring of cybersecurity threats to state-regulated banks, credit unions, and other financial service companies. The office will also use cyber risk scores and reports produced by SecurityScorecard to address cyberthreats by assessing vulnerabilities, tracking improvements, and taking action in collaboration with the financial institutions when a potential threat is identified.
“As Maryland closes out Cybersecurity Awareness Month, our office continues its commitment to highlighting cybersecurity as an essential pillar of a healthy financial system,” said Commissioner of Financial Regulation Tony Salazar. “Ensuring that Maryland financial institutions monitor, identify and remediate cybersecurity threats is a critical component of our mission, especially as consumers increasingly embrace emerging technologies like blockchain, online banking and digital payment systems.”
The Office of Financial Regulation worked with the Maryland Department of Information Technology (DoIT) during the acquisition and implementation of SecurityScorecard.
“To achieve ‘whole-of-state’ cybersecurity, we need to make sure Maryland’s private and public sectors are fully fortified against cybersecurity threats,” says DoIT Secretary Katie Savage. “The Department of Labor’s efforts to protect Maryland’s financial institutions with the latest cybersecurity tools will help keep our constituents and their finances secure.”
