One of Africa’s leading banks in Nigeria, Guaranty Trust Bank (GTBank), recently faced an alleged critical issue that highlights the importance of protecting brand assets. It was reported that the bank lost its domain name due to an oversight in renewal, allowing an external party to acquire the GTBank domain. This alleged mistake significantly risks GTBank’s brand identity and online operations.
The incident caused panic among GTbank customers and raised serious questions about the security protocols GTbank has in place to protect their online assets. If a leading institution like GTBank can experience such a lapse with its GTBank domain, then no growing business can afford to overlook the importance of protecting its brand assets and digital presence.
Have you ever considered what would happen if your business lost control of its domain name? How devastating could such a mistake be for a brand that relies heavily on its online presence? Let’s find out.
What will happen to my business if we fail to renew our domain name?
When a company fails to renew its domain name and another entity subsequently buys it, it can lead to several issues like;
Tarnishing of brand image:
A business’s brand image is one of its most valuable assets and any mistake can easily tarnish its image. In the case of GTBank, frustrated customers took to social media to voice their displeasure with the issues they faced on the GTBank website. In addition, public opinion about a business can significantly shape the way the business is been perceived. When customers lose faith in a brand, it’s not just a temporary setback; it can lead to a long-term erosion of trust that is difficult to rebuild.
Disruption of Business Operations:
If your business relies heavily on its online presence, disruptions like this can affect your day-to-day operations and even grind your business activities to a halt. Also, the process of rectifying such an issue is often time-consuming.
Legal and financial implications:
The legal and financial repercussions from such incidents can be severe. The legal battles to reclaim a domain name can be costly and it can last longer with no guaranteed result. Also, if sensitive customer data is compromised, it will attract hefty fines and legal liabilities to your business.
Potential security risks:
If a domain falls into the wrong hands, the business could face potential security risks like scams or data breaches that compromise customer information. For businesses and organizations that rely heavily on their online presence, the potential consequences of such domain issues are severe. To prevent such incidents, companies must implement a range of security protocols, including:
Domain Name Registration and Renewal Monitoring: Companies should ensure their domain names are registered with reputable registrars and regularly monitor renewal dates to avoid unintentional expiration.
Enable Domain Locking: Domain locking prevents unauthorized transfers of your domain name to another registrar which adds an extra layer of security.
Two-Factor Authentication (2FA): Requiring 2FA for accessing domain management accounts can significantly reduce the risk of unauthorized access. This additional layer of security ensures that even if login credentials are compromised, the attacker would still need the second factor to gain entry.
Education and awareness: Training employees on the importance of cybersecurity and the specific risks associated with domain management is crucial.
I understand that the process can seem too technical, especially for businesses without dedicated IT experts. However, businesses and brands currently partnering with us, and those under retainer can rest assured that they will never fall victim to such domain issues. At Clarylife Global, we have automated systems and structures in place to protect your digital assets and ensure your business operations run smoothly.
For businesses that rely heavily on their online presence but are unsure of how to secure it, don’t wait until it’s too late. Reach out to Clarylife Global today, and let us help you safeguard your brand’s future.