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New cybersecurity task force for financial services industry

The Pennsylvania Department of Banking and Securities has formed a cybersecurity task force to provide resources for the state’s financial services industry in fighting cybercrime.

The task force will include staff from the department’s regulatory, legal and information technology staff.

It will be available to any of the financial services companies under the department’s supervisors, such as banks, credit unions, non-bank lenders, securities agents and broker-dealers.

“As cybersecurity threats to businesses and institutions continue and increase, the need for the financial services industry to implement effective cybersecurity measures is more pressing than ever,” said Robin L. Wiessmann, the secretary of the department. “At the Department of Banking and Securities, we are pleased to be one of the first state financial regulators to create a task force whose mission is focused on promoting cybersecurity awareness and identifying cybersecurity trends, developments, and best practices.”

The task force will offer a self-assessment tool to determine a company’s risk factors from the Federal Financial Institutions Examination Council, the Securities and Exchange Commission’s Sample Request for Information and Documents and other items.

The department’s efforts come from the state’s effort to protect the security of its digital resources by reducing vulnerability to cyberattacks, minimizing damage and recovery if a cyberattack occurs, and promoting awareness and education to businesses and consumers of the threats of cyberattacks, according to a department news release.

Michael Sadowski

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