Mano Bank’s Cybersecurity Strategy Pays Off
Bank Migrated To .Bank Domain In 2019
As the spectre of cyber threats looms, financial institutions globally are doubling on efforts to fortify their defences and safeguard sensitive financial data.
Statistics paint a grim picture, with over 254 million records compromised in 2022 and a staggering 64% surge in ransomware attacks witnessed in 2023 compared to the preceding year. Each incident cost an average of $6 million.
In response, banks have been ramping up their security infrastructure, deploying encryption protocols, multi-factor authentication systems, and robust intrusion detection mechanisms to thwart potential cyber assaults.
One such institution, Vilnius, Lithuania-based Mano Bank, has proactively addressed the burgeoning cybersecurity challenges.
Since acquiring its banking licence in 2018, the bank swiftly recognised the imperative of pre-emptive security measures, leading to its adoption of a bank domain tailored exclusively for banking entities.
This strategic move bolstered the institution’s security posture and laid the groundwork for fostering trust across Europe, paving the way for sustained growth.
European Deposits
Mano Bank’s foresight has been rewarded. The institution has emerged as a preferred choice for depositors in Germany and Spain, amassing over $52.08 million in deposits.
Reflecting on the transformative impact of this transition, Giedrė Blazgienė, CEO of Mano Bank, said: “The migration to the .bank domain in 2019 has yielded significant positive outcomes, underpinning our commitment to building trust.
“Our successful partnership with Raisin, a savings and investment marketplace, coupled with expanding our client base, underscores the importance of trust in our achievements. Despite economic headwinds in 2023, including high inflation and rising interest rates, our doubled net income is a testament to the significance of trust.”
The .bank domain’s stringent verification processes and encryption standards have furnished an additional layer of protection, bolstering the integrity of Mano Bank’s online banking operations.
“Our affiliation with the .bank domain has reshaped our digital footprint and positioned us as a forward-thinking institution leveraging cutting-edge technology to prioritise customer safety,” added Blazgienė.
As Mano Bank continues its strategic migration to the .bank domain, it is essential to recognise the distinctive features that set this domain apart from others.
Craig Schwartz, Managing Director at fTLD Registry | Bank &.Insurance stated: “What sets .bank, apart from other domain extensions, is its multifaceted approach to cybersecurity. Like the know-your-customer requirement, the verification process ensures the authenticity of customers and financial transactions, bolstering anti-money laundering efforts.”
Featured image: Giedrė Blazgienė, CEO of Mano Bank. Credit: Mano Bank
