Pub. 6 2015 Issue 2

www.wvbankers.org 26 West Virginia Banker I f you are a banker, the world of the Internet – as you currently know it – is about to change. This year the global banking community, led by fTLD Regis- try Services and supported by dozens of associations and industry leaders such as the American Bankers Association and the Financial Services Roundtable, will have the opportunity to create a new online location for their businesses. Right now, more than a thousand new domain exten- sions are making their way to the Internet – but only one has been created by banks, for banks. It’s called .BANK. .BANK is a new, more secure Internet domain for banks. It is an easily identifi- able channel for trusted communications between banks and their customers. And .BANK is a place for growth and innova- tion. Only verified members of the banking community can have a .BANK domain for their trademarks, trade names and service marks. Banks contend with a range of operational issues, from launching and cross-selling financial products, to improving customer retention, to meeting compliance and reg- ulatory requirements. In addition, banks must protect their assets and operations from the very real threat of cyber security. Migrating to a .BANK domain provides a lot of answers and options. .BANK is brand new - and how banks use the new domain will undoubtedly vary. But there is one thing every bank has in common regarding their .BANK – time. “It’s important that banks get ready now,” said Craig Schwartz, managing director of fTLD, the private company that is owned, operated and governed by banks, insur- ance companies and their respective trade associations. “Our research with banks shows a high level of awareness about the .BANK domain however, they may not yet realize the process, the implications, or the full value that a .BANK domain can deliver. If banks delay, they run a risk of being unable to secure their preferred web address. No other domain can match the caliber of value, security and trust like a .BANK address.” In fact, enhanced security requirements are one of the primary reasons for banks to consider when evaluating the new domain, according to fTLD’s market re- search. Schwartz explained that fTLD will implement a series of critical controls not currently required by the operators of any other commercial domain, in order to mitigate existing cyber risks and build a high-trust environment for users of .BANK. “With today’s technology, we know there is no silver bullet that will eradicate the malicious activities that are propagated over the Internet,” said Schwartz. “But the security requirements fTLD mandates for .BANK domains will bring a level of trust and protection that exceeds that avail- able in any existing commercially available gTLD.” The .BANK domain will be available in mid-May for banks with trademarks regis- tered with ICANN’s Trademark Clearing- Master Your .BANK Domain: Six Steps to Success By Doug Johnson SVP, Risk Management, American Bankers Association