SecurityScorecard provides CSBS with support for state financial regulators through insights on cybersecurity health of state financial institutions and access to the leading cybersecurity ratings technology
NEW YORK, July 11, 2022 — 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.
“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.”
About The Conference of State Bank Supervisors
The Conference of State Bank Supervisors (CSBS) is the national organization of bank regulators from all 50 states, American Samoa, District of Columbia, Guam, Puerto Rico and U.S. Virgin Islands. State regulators supervise roughly three-quarters of all U.S. banks and a variety of non-depository financial services. CSBS, on behalf of state regulators, also operates the Nationwide Multistate Licensing System to license and register non-depository financial service providers in the mortgage, money services businesses, consumer finance and debt industries.
Funded by world-class investors including Evolution Equity Partners, Silver Lake Waterman, Sequoia Capital, GV, Riverwood Capital, and others, SecurityScorecard is the global leader in cybersecurity ratings with more than 12 million companies continuously rated. Founded in 2013 by security and risk experts Dr. Aleksandr Yampolskiy and Sam Kassoumeh, SecurityScorecard’s patented rating technology is used by over 30,000 organizations for enterprise risk management, third-party risk management, board reporting, due diligence, cyber insurance underwriting, and regulatory oversight. SecurityScorecard is the first cybersecurity ratings company to offer digital forensics and incident response services, providing a 360-degree approach to security prevention and response for its worldwide customer and partner base. SecurityScorecard continues to make the world a safer place by transforming the way companies understand, improve and communicate cybersecurity risk to their boards, employees and vendors. Every organization has the universal right to their trusted and transparent Instant SecurityScorecard rating, which is included in the catalog of Free Cybersecurity Services and Tools, established by the U.S. Cybersecurity and Infrastructure Security Agency (CISA). For more information, visit securityscorecard.com or connect with us on LinkedIn.
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