BALTIMORE, Md.—The Maryland Department of Labor’s Office of Financial Regulation on Wednesday announced the introduction of SecurityScorecard, a cybersecurity monitoring service, to strengthen oversight of Maryland’s financial institutions. This move underscores the Department’s commitment to consumer protection in the face of evolving cyber threats.
SecurityScorecard provides continuous, real-time cybersecurity risk monitoring for nationally regulated banks, credit unions, and other financial services companies. The department leverages SecurityScorecard’s cyber risk scores and reports to identify and address vulnerabilities, track remediation, and work with financial institutions to mitigate potential threats.
“Defending against cyber threats is a critical part of protecting Maryland’s financial networks,” said Maryland Department of Labor Secretary Portia Wu. The introduction of these modern tools is designed to help Marylanders conduct financial transactions safely and securely.
This effort coincides with the end of Maryland’s Cybersecurity Awareness Month. Financial Regulatory Commissioner Tony Salazar emphasized the importance of cybersecurity as the foundation of a healthy financial system, especially as consumers increasingly use technologies such as blockchain, online banking, and digital payments. emphasized.
The Maryland Department of Information Technology (DoIT) played a supporting role in the acquisition and implementation of SecurityScorecard. Responsible for protecting the nation from cybersecurity threats, DoIT takes a multi-pronged approach that includes strategies, policies, experts, and tools.
“Achieving ‘statewide’ cybersecurity requires ensuring that Maryland’s private and public sectors are fully hardened against cybersecurity threats,” DoIT Secretary Katie said.・Mr. Savage said. She highlighted how the Department of Labor’s efforts contribute to the overall security of Maryland’s voters and their finances.
The Office of Financial Regulation is an important part of the Maryland Department of Labor and protects the economic interests of Marylanders. The department enforces consumer financial protection laws and supervises various financial institutions operating within the state.
This article was written with the help of AI and reviewed by a human editor.
Photo via Pixabay
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