Mano Bank talks .Bank and cybersecurity

With cyber threats on the rise, safeguarding sensitive financial data has become a top priority for institutions worldwide. Over 254 million records were leaked in 2022, ransomware attacks increased by 64% in 2023 from the previous year, and the average cost per incident in 2023 was nearly $6 million. 

To strengthen security infrastructure, banks have been implementing such measures as encryption protocols, multi-factor authentication systems, and robust intrusion detection systems.

For Mano Bank, proactive measures in addressing cybersecurity challenges involved a re-evaluation of its online security infrastructure. Following the acquisition of the bank license in 2018, the institution swiftly recognised the importance of preemptive security measures. This led to the prioritisation of obtaining the .Bank domain, exclusively designed for banks, which laid the foundation for building trust in Europe and fostering subsequent growth.

Mano Bank says .Bank pivotal

Mano Bank is chosen by German and Spanish depositors, totalling over 48.5 million EUR in deposits. “The transition to the .Bank domain in 2019 has yielded significant positive outcomes and has been pivotal for Mano Bank in building trust, evidenced by our successful partnership with Raisin, savings and investment marketplace, and the growth of our client base. Moreover, despite economic challenges in 2023, including high inflation and rising interest rates, we doubled our net income, showcasing the importance of trust in our achievements,” said Giedrė Blazgienė, CEO of Mano Bank.

The domain’s stringent verification processes and encryption standards provide an added layer of protection, ensuring the integrity of online banking operations.

“Our association with the .Bank domain has redefined our digital presence. It has positioned us as a forward-thinking institution, leveraging cutting-edge technology to prioritize customer safety,” added Blazgienė.

As Mano Bank’s strategic migration to the .Bank domain continues to bring positive results, it is essential to understand the unique features that distinguish this domain from others.

“What differentiates .Bank from other domain extensions is its multi-pronged approach to cybersecurity. The verification process (i.e., know-your-bank) is like the know-your-customer (i.e., ‘KYC’) requirement banks must implement to ensure the legitimacy of their customers and financial transactions and to support anti-money laundering efforts,” stated Craig Schwartz, Managing Director at fTLD Registry | Bank &.Insurance.