Banking sector to use .bank in improved security bid

A new domain name extension looks set to make waves in internet banking security.

The extension, .bank, will soon be on its way to our browsers. It remains to be seen, however, just how popular it will prove to be with the public and the industry.

The extension was made available to a select number of banks earlier this year by fTLD Registry Services. It is just one of many extensions that the Internet Corporation for Assigned Names and Numbers made available for sale.

The most advantageous aspect of .bank is its improved security features. Banks registering a domain name using the extension will be paying handsomely, however, with the price being somewhere around £600 for two years. The cost lies in the additional admin overheads with regards to maintaining security and vetting registrants.

Lawrence Munro, from cyber security firm Trustwave, told SCMagazine that while the move is an advisable one, it is not a one-step solution. He explained:

“Firstly, the TLD addition only seeks to protect users against attacks such as domain spoofing, typo-squatting and [spear] phishing campaigns, it won’t actually improve the security of application code itself, in terms of vectors such as injection attacks that are still firmly placed within the OWASP top 10.”

The banking sector is perhaps the most targeted by cyber criminals, for obvious reasons. While the new domain extension will likely add some much-needed security, organisations also need to look at their IT security recruitment policies and ensure they are hiring as much cyber talent as they can.