In compliance with the Central Bank of
Nigeria's (CBN's) directive for improved data security, Wema Bank Plc
Wednesday revealed it had received the Payment Card Industry Data
Security Standard certification (PCIDSS).
This was disclosed at the formal presentation of the PCIDSS compliance certificate to the bank in Lagos.
PCIDSS is a global security standard that helps in preventing card and data fraud by evaluating payment account data security and assessing an organisation's network architecture, software design, security policies, procedures and protective practices.
This certification, which was made mandatory by the central bank, states that all the banks must comply with the certification to improve card holder's security and privacy in line with international standards.
Speaking during the presentation of the certificate, the Managing Director, Wema Bank, Mr. Segun Oloketuyi, said: "Whilst many organisations may claim to be PCIDSS ready or compliant, Wema Bank went the extra step to get certified by control case.
"Control case, one of the world's best Qualified Security Assessors, did the validation and compliance because the bank believes that trust, which is one of Wema Bank's values, must always be maintained with the customer by providing them with secure services and protect their data anywhere, anytime."
He also said with this development, the bank was already pushing towards achieving the ISO certification in Information Security tagged ISO 27001/2.
The PCI requirements were developed by the PCI Security Standards Council, which includes the five major payment card issuers -MasterCard, Visa, American Express, Discover and JCB International, to help facilitate broad adoption of data security best practices worldwide.
The Chief Operating Officer, Digital Encode, Mr. Adewale Obadare, said the achievement was a positive development for the bank.
According to him, the security of card holders' funds and transactions had been further enhanced as the cashless policy gets traction, thereby boosting customers' confidence.
He explained that Digital Encode assisted Wema Bank to scale physical, administrative and technology hurdles required for the certification. He added: "Digital Encode had a strategic alliance with Qualys, a technology Approved Scanning Vendor and Control Case LLC, a United States-based Qualified Security Assessor that enables them audit organisations that store, process and transmit cardholders' details with the requirements to meet the PCIDSS certification standards.
PCIDSS is a global security standard that helps in preventing card and data fraud by evaluating payment account data security and assessing an organisation's network architecture, software design, security policies, procedures and protective practices.
This certification, which was made mandatory by the central bank, states that all the banks must comply with the certification to improve card holder's security and privacy in line with international standards.
Speaking during the presentation of the certificate, the Managing Director, Wema Bank, Mr. Segun Oloketuyi, said: "Whilst many organisations may claim to be PCIDSS ready or compliant, Wema Bank went the extra step to get certified by control case.
"Control case, one of the world's best Qualified Security Assessors, did the validation and compliance because the bank believes that trust, which is one of Wema Bank's values, must always be maintained with the customer by providing them with secure services and protect their data anywhere, anytime."
He also said with this development, the bank was already pushing towards achieving the ISO certification in Information Security tagged ISO 27001/2.
The PCI requirements were developed by the PCI Security Standards Council, which includes the five major payment card issuers -MasterCard, Visa, American Express, Discover and JCB International, to help facilitate broad adoption of data security best practices worldwide.
The Chief Operating Officer, Digital Encode, Mr. Adewale Obadare, said the achievement was a positive development for the bank.
According to him, the security of card holders' funds and transactions had been further enhanced as the cashless policy gets traction, thereby boosting customers' confidence.
He explained that Digital Encode assisted Wema Bank to scale physical, administrative and technology hurdles required for the certification. He added: "Digital Encode had a strategic alliance with Qualys, a technology Approved Scanning Vendor and Control Case LLC, a United States-based Qualified Security Assessor that enables them audit organisations that store, process and transmit cardholders' details with the requirements to meet the PCIDSS certification standards.
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