ABA Banking Journal - May/June 2015 - (Page 41)

FEATURE > .BANK What's in a Name? .BANK domain rolls out for greater online security, new opportunities BY PEGGY BRESNICK C YBER attacks and data breaches continue to wreak financial havoc for organizations around the globe. The grim news is that online attacks are only going to become more numerous and more sophisticated in the future. Says Ponemon Institute in a recent research report, 2014: A Year of Mega Breaches, 2014 saw a series of mega security breaches and attacks that resulted in the exposure and theft of literally millions of customer and employee credit and debit card numbers and personal data. "2015 is predicted to be as bad or worse as more sensitive and confidential information and transactions are moved to the digital space and become vulnerable to attack," says the report. and expanding array of cyber threats are rising. Financial institutions today know they must address security concerns proactively, rather than to simply address and react to issues after they occur. disguised as trustworthy sources trick victims into clicking links that will install malware on their machines and extract personal information. Unfortunately, with increasing customer use of the mobile and online channels, banks are finding it challenging to stay one step ahead of cyber criminals, who are becoming more and more sophisticated in their attacks. Criminals can create email communications that appear to have been sent by the recipients' financial institution, but they contain corrupt Web links that are designed to extract personal and financial information from the unwitting customer. Cyber criminals using "spoofed" IP addresses that are Securing customer information is a priority for all organizations today, yet banks are finding it challenging to protect customers from online crooks who pose as legitimate financial institutions-and ultimately steal customers' account information. Within the next few months, however, banks will have new way to improve online security, proactively mitigate phishing and spoofing attacks while inspiring greater customer confidence and presenting new marketing and branding opportunities. ABA members and other verified members .BANK offers security, inspires trust While organizations of all types and sizes are taking measures to stop data breaches, banks are working hard to shore up cyber defenses to minimize damage. Online fraud can injure a bank's brand and reputation, erode customer trust and threaten customer loyalty. The financial damage is potentially enormous; the costs of successfully detecting fraud and thwarting a wide aba.com/BankingJournal | ABA BANKING JOURNAL 41 http://www.aba.com/BankingJournal

Table of Contents for the Digital Edition of ABA Banking Journal - May/June 2015

CHAIRMAN’S VIEW
UPFRONT
ECONOMIC OUTLOOK
LEGAL BRIEFS
PICTURE THIS
CELEBRATING A TRADITION OF INNOVATION
SOUND RISK CULTURE
AN INTERVIEW WITH FDIC’s MARTIN GRUENBERG
NEW RESPA/TILA MORTGAGE DISCLOSURES
BANK DOMAIN ROLLOUT
INVESTOR PERSPECTIVE
MARKETING/RETAIL
PAYMENTS
ADVOCACY
ABA COMPLIANCE CENTER INBOX
CYBERSECURITY
MORTGAGES
OPERATIONS
BOARD MATTERS
FROM THE STATES
BANKER RECOMMENDED READING
INNOVATIONS IN SOCIAL RESPONSIBILITY
INDEX OF ADVERTISERS

ABA Banking Journal - May/June 2015