BALTIMORE—A new cybersecurity monitoring solution has been deployed by the Maryland Department of Labor’s Office of Financial Regulation that conducts continuous, real-time monitoring of cybersecurity threats to state-regulated banks, credit unions and other financial service companies in Maryland, the regulator reported.
Called the SecurityScorecard, the regulator said the tool allows the OFR to “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 OFR, the regulator said, 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.
“…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.”
‘Whole-Of-State’ Cybersecurity
The Maryland Department of Information Technology (DoIT) supported the OFR 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, the regulator said.
“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. “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 tool is being introduced at a time when NCUA is expressing growing concerns over cyber incidents at credit unions. As CUToday.info reported, NCUA Chairman Todd Harper stated during the agency’s October open board meeting that NCUA may consider adjusting the normal operating level of the NCUSIF due to the growing risk third-party cyber incidents present to the fund. Since the NCUA cyber incident notification rule took effect last September, through Aug. 31, there were 1,072 cyber incidents reported involving credit unions, and 742 were related to third parties.