The Maryland Department of Labor’s Office of Financial Regulation has introduced a new cybersecurity initiative using SecurityScorecard, a monitoring service designed to enhance the security of financial institutions across the state. This deployment, announced today, aims to strengthen Maryland’s financial institutions’ defenses against cyber threats and bolster the Department’s overarching mission to protect consumer interests.
“Guarding against cyberthreats is a critical part of safeguarding Maryland’s financial networks,” stated Portia Wu, Maryland Department of Labor Secretary. “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.”
Enhanced Cyber Monitoring for Maryland Financial Institutions
The Office of Financial Regulation will use SecurityScorecard to maintain a continuous, real-time watch over the cybersecurity landscape for state-regulated banks, credit unions, and other financial service providers. With the service’s insights, the Office will assess cyber vulnerabilities, monitor cybersecurity improvements, and collaborate with financial institutions to address identified risks. These efforts represent a progressive step toward more resilient financial networks in Maryland.
“As Maryland closes out Cybersecurity Awareness Month, our office continues its commitment to highlighting cybersecurity as an essential pillar of a healthy financial system,” remarked 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.”
SecurityScorecard’s cyber risk assessment tool provides actionable insights, enabling Maryland’s Office of Financial Regulation to work closely with state-regulated financial institutions to preemptively address potential threats.
Collaboration with Maryland’s Department of Information Technology
The Maryland Department of Information Technology (DoIT) partnered with the Office of Financial Regulation to implement SecurityScorecard. DoIT Secretary Katie Savage underscored the importance of a “whole-of-state” approach, advocating for robust cybersecurity protections across Maryland’s public and private sectors.
“To achieve ‘whole-of-state’ cybersecurity, we need to make sure Maryland’s private and public sectors are fully fortified against cybersecurity threats,” Secretary Savage emphasized. “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.”
Consumer Protection and Financial Oversight
The Office of Financial Regulation is critical to safeguarding Maryland consumers’ financial interests, enforcing state consumer protection laws and overseeing state-chartered banks, credit unions, and licensed financial service providers. By adding SecurityScorecard to its toolkit, the Office strengthens its supervisory role, aligning its efforts with modern cybersecurity demands and enhancing consumer confidence in Maryland’s financial system.
For additional information on the Office’s cybersecurity efforts, the Maryland Department of Labor encourages the public to visit labor.maryland.gov/finance or reach out via email at financial.regulation@maryland.gov.
