Maryland Office of Financial Regulation Mobilizes SecurityScorecard to Protect Consumers by Strengthening Cybersecurity
Baltimore, MD (October 30, 2024) – The Maryland Department of Labor’s Office of Financial Regulation today announced the deployment of cybersecurity monitoring service 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 Office is deploying SecurityScorecard to conduct continuous, real-time monitoring of cybersecurity threats to state-regulated banks, credit unions and other financial service companies. The Office will utilize the 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 Maryland Department of Information Technology (DoIT) supported the Office throughout the process of acquiring and implementing SecurityScorecard. DoIT employs various cybersecurity strategies, policies, experts, and tools to help protect the State of Maryland against cybersecurity threat actors.
“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.”
The Office of Financial Regulation within the Maryland Department of Labor plays a crucial role in safeguarding Marylanders' financial interests. The Office enforces the State’s consumer financial protection laws and supervises state-chartered banks and credit unions and state-licensed lenders, money transmitters and other financial service providers. To learn more about the Office visit labor.maryland.gov/finance. For more information about the Office’s cybersecurity efforts, email financial.regulation@maryland.gov.
The Department of Labor strives to create an equitable and inclusive Maryland where all residents have the opportunities and resources to attain financial stability, reach their career potential, and contribute to their communities; where businesses have access to capital and the skilled workforce they need to succeed; where workplaces are safe and well-regulated; and where the economy is resilient and growing. For updates and information, follow Labor on LinkedIn, Twitter, Facebook, and visit our website.
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