HARRISBURG, PA — As cyber threats continue to evolve, the Pennsylvania Treasury has announced a concerted effort to fortify cybersecurity measures, emphasizing the critical need for safeguarding financial information. This initiative was highlighted yesterday during a press conference with Treasurer Stacy Garrity, alongside Duncan Campbell, President & CEO of the PA Bankers Association, and Richard Cimakasky, Penn Community Bank Fraud & Security Officer and former FBI Special Agent. As Cybersecurity Awareness Month commences, the speakers urged Pennsylvanians to stay vigilant against rising cybercrime.
Treasurer Garrity stressed the Treasury’s commitment to robust cybersecurity practices, stating, “As the primary financial institution of the Commonwealth, Treasury is a major target for cybercriminals – and we have a special obligation to secure the Commonwealth’s financial information against cyber threats.” She highlighted the collaborative efforts with state agencies and business partners to enhance security protocols. Additionally, the Treasury actively works with local governments to disseminate knowledge and strategies to protect personal data.
The significance of cybersecurity in the financial sector cannot be understated. Financial institutions are often primary targets for cybercriminals due to the sensitive nature of the data they handle. Campbell remarked on the industry’s rigorous security standards, saying, “The financial services industry is the gold standard of cybersecurity. Banks have the highest level of security among critical U.S. industries and the most stringent regulatory requirements.”
Richard Cimakasky emphasized the proactive role that financial institutions play in combating cyber threats. “Financial institutions play a pivotal role as advocates and resources in this fight against fraud and cybercrime,” he stated. By leveraging advanced technologies and expertise, these institutions aim to protect the financial well-being of their communities.
The Pennsylvania Treasury processes approximately 25 million payments annually, making cybersecurity a top priority. In partnership with entities like the National Guard and Carnegie Mellon University, the Treasury conducts weekly cybersecurity scans to identify vulnerabilities. On average, Treasury defenses thwart over 20 million unauthorized connection attempts each month, demonstrating the persistent threat landscape.
The PA Bankers Association also provided crucial advice to help individuals safeguard their financial information. Tips include regularly monitoring account balances, using complex passwords, and avoiding public Wi-Fi for online banking activities. Such practices are vital to mitigate the risk of unauthorized access and fraud.
Treasurer Garrity underscored the importance of ongoing education and awareness, directing her IT team to assist local agencies with cybersecurity challenges. By participating in the state’s Enterprise Technology Security Council and the Multi-State Information Sharing and Analysis Center, the Treasury remains at the forefront of cybersecurity advancements.
As cybercrime continues to pose significant risks, the Pennsylvania Treasury’s proactive measures and the financial industry’s stringent security practices are pivotal in protecting both individual consumers and institutional entities from potential threats. This comprehensive approach ensures that Pennsylvanians can navigate the digital financial landscape with confidence and security.
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