BALTIMORE, MD—The Maryland Department of Labor’s Office of Financial Regulation on Wednesday announced the implementation of SecurityScorecard, a cybersecurity monitoring service, to bolster its supervision of Maryland financial institutions. This move underscores the Office’s commitment to consumer protection in the face of evolving cyberthreats.

SecurityScorecard will provide continuous, real-time monitoring of cybersecurity risks for state-regulated banks, credit unions, and other financial service companies. The Office will leverage SecurityScorecard’s cyber risk scores and reports to identify and address vulnerabilities, track improvements, and collaborate with financial institutions to mitigate potential threats.

“Guarding against cyberthreats is a critical part of safeguarding Maryland’s financial networks,” said Maryland Department of Labor Secretary Portia Wu. The deployment of these modern tools aims to ensure Marylanders can conduct financial transactions safely and securely.

This initiative comes as Maryland concludes Cybersecurity Awareness Month. Commissioner of Financial Regulation Tony Salazar emphasized the importance of cybersecurity as a cornerstone of a healthy financial system, particularly as consumers increasingly utilize technologies like blockchain, online banking, and digital payments.

The Maryland Department of Information Technology (DoIT) played a supporting role in the acquisition and implementation of SecurityScorecard. DoIT, responsible for protecting the state against cybersecurity threats, employs a multi-pronged approach involving strategies, policies, experts, and tools.

“To achieve ‘whole-of-state’ cybersecurity, we need to make sure Maryland’s private and public sectors are fully fortified against cybersecurity threats,” said DoIT Secretary Katie Savage. She highlighted how the Department of Labor’s initiative contributes to the overall security of Maryland’s constituents and their finances.

The Office of Financial Regulation is a vital part of the Maryland Department of Labor, safeguarding the financial interests of Marylanders. The Office enforces consumer financial protection laws and supervises various financial institutions operating within the state.

This article was written with the assistance of AI and reviewed by a human editor.

Photo via Pixabay