As the guardians of consumers’ sensitive financial data, America’s banks are “on the leading edge of cybersecurity,” ABA President and CEO Rob Nichols remarked in an interview today for the .bank Influencer Series, which spotlights influencers from across the financial industry.
“Cybersecurity threats are constantly evolving,” Nichols said. “As an industry, we have to be agile and prepare for the threats of today and tomorrow.” These threats — which affect individual consumers as well as commercial businesses — can include phishing, ransomware, account takeover and other forms of cybercrime, he added.
One particular way banks have been stepping up their security is by migrating their websites to a .bank domain name as part of an industry-wide initiative to provide enhanced consumer protections. “.bank is a very visible way for banks to show their commitment to cybersecurity,” Nichols said. “The security and registration requirements of the domain help protect bank customers from a number of cyber exploits, including phishing.”