SecurityScorecard, the global leader in cybersecurity ratings, and the Conference of State Bank Supervisors (CSBS), the national organization of state financial regulators, announced today a partnership to provide state financial regulators with access to SecurityScorecard’s cybersecurity ratings platform and connected services.
CSBS supports state regulators’ supervision of financial institutions in their states and territories through research, data and training, and supports states in their efforts to coordinate the supervision of financial companies that operate in multiple states. The partnership with SecurityScorecard will allow CSBS to monitor the cyber health of multistate financial institutions, and share information about these financial institutions with relevant state regulators, saving each agency time and resources.
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“Financial regulators can no longer rely on static, point-in-time assessments to understand the cybersecurity risks posed to the financial system,” said Sachin Bansal, Chief Business and Legal Officer of SecurityScorecard. “Continuous monitoring tools must be a part of every regulator’s toolbox. We have partnered with CSBS to bring these tools to state regulators.”
SecurityScorecard recently announced that it is working with the New York State Department of Financial Services (DFS), to modernize regulatory oversight of DFS’ nearly 3,000 regulated entities, providing DFS a systematic approach to measuring cyber risk.
SecurityScorecard collects and analyzes global threat signals that give organizations instant visibility into the security posture of vendors and business partners as well as the capability to do a self-assessment of their own security posture. SecurityScorecard continuously monitors 10 groups of risk factors to instantly deliver an easy-to-understand A-F rating.
“In today’s environment, cybersecurity oversight is at the forefront of our efforts to advance the quality and effectiveness of state financial regulation and supervision,” said Mary Beth Quist, CSBS Senior Vice President, Bank Supervision. “By adding SecurityScorecard’s technology to our existing cybersecurity resources, we are ensuring that our members have the best tools available for continuing to protect the financial system from cyberattacks.”
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