30 October 2024 – The Maryland Department of Labor’s Office of Financial Regulation has officially unveiled the strategic integration of the cutting-edge cybersecurity monitoring service SecurityScorecard. This initiative aims to significantly bolster the Office’s oversight capabilities concerning Maryland’s financial institutions and to advance its ongoing consumer protection efforts.
“Guarding against cyberthreats is a critical part of safeguarding Maryland’s financial networks,” emphasized Maryland Department of Labor Secretary Portia Wu. “These state-of-the-art cybersecurity monitoring services empower the Office of Financial Regulation to leverage sophisticated tools to effectively supervise financial institutions, ensuring that Marylanders can confidently conduct their financial transactions in a safe and secure environment.”
The Office is deploying SecurityScorecard for continuous, real-time monitoring, focusing specifically on cybersecurity threats that could impact state-regulated banks, credit unions, and various other financial service providers. By utilizing the detailed cyber risk scores and comprehensive reports generated by SecurityScorecard, the Office plans to proactively tackle cyberthreats by pinpointing vulnerabilities, monitoring enhancements, and collaborating closely with financial institutions to address potential risks promptly.
“As Maryland closes out Cybersecurity Awareness Month, our office continues its commitment to highlighting cybersecurity as an essential pillar of a healthy financial system,” stated Commissioner of Financial Regulation Tony Salazar. “Ensuring that Maryland financial institutions actively monitor, identify, and remediate cybersecurity threats is a fundamental aspect of our mission. This is increasingly crucial as consumers are opting for the convenience of modern technologies such as blockchain, online banking, and digital payment systems.”
The Maryland Department of Information Technology (DoIT) played an integral role in supporting the Office throughout the critical process of acquiring and implementing SecurityScorecard. DoIT employs a diverse array of cybersecurity strategies, robust policies, specialized experts, and innovative tools to safeguard the State of Maryland from various 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,” remarked DoIT Secretary Katie Savage. “The Department of Labor’s proactive measures to protect Maryland’s financial institutions utilizing cutting-edge cybersecurity tools will play a pivotal role in keeping our constituents and their financial assets secure.”
**Interview with Portia Wu, Secretary of the Maryland Department of Labor**
**Interviewer:** Thank you for joining us today, Secretary Wu. Let’s talk about the recent integration of SecurityScorecard into the Office of Financial Regulation. What prompted this decision?
**Portia Wu:** Thank you for having me. The decision to integrate SecurityScorecard was driven by the increasing frequency and sophistication of cyberthreats targeting financial institutions. As we strive to protect the financial integrity of Maryland, it is essential that we have access to real-time, advanced cybersecurity monitoring tools to help us oversee our financial institutions effectively.
**Interviewer:** How exactly will SecurityScorecard enhance your oversight capabilities?
**Portia Wu:** SecurityScorecard provides continuous, real-time monitoring of cybersecurity risks. This enables us to identify potential vulnerabilities in financial institutions quickly and helps us take proactive measures to mitigate threats. By leveraging these sophisticated tools, we can enhance our regulatory framework and ensure that our consumers’ financial transactions remain secure and trustworthy.
**Interviewer:** You mentioned consumer protection in your statement. How will this initiative directly benefit Marylanders?
**Portia Wu:** The primary goal of this initiative is to foster a secure financial environment for Maryland consumers. By enhancing our ability to proactively identify and address cybersecurity threats, we can instill confidence in the financial system. This means that Marylanders can conduct their financial transactions, whether they’re banking online or applying for loans, with the assurance that their personal and financial information is well protected.
**Interviewer:** In your view, what are the broader implications of improving cybersecurity within the financial sector?
**Portia Wu:** Strengthening cybersecurity within our financial sector is not just about protecting individual consumers; it’s about safeguarding our economy as a whole. A secure financial system fosters trust, supports economic growth, and ultimately enhances the reputation of Maryland as a safe place for businesses and consumers alike. We are committed to being at the forefront of these efforts and leading the way in effective cybersecurity policy.
**Interviewer:** Thank you, Secretary Wu, for sharing insights on this important initiative. It sounds like a significant step forward for Maryland’s financial institutions and its citizens.
**Portia Wu:** I appreciate the opportunity to discuss this vital topic. We look forward to seeing the positive impacts of our partnership with SecurityScorecard in the coming months and years. Thank you!
