Earlyface

Sterling Bank Acquires PCIDSS Certification. A leading Nigerian information security management firm, Digital Encode has guided Sterling Bank through attaining the Payment Card Industry Data Security Standard certification (PCIDSS).

PCI DSS is an information security standard for firms that handle card holders’ information for the major debit, credit and prepaid cards in addition to electronic purse, Automated Teller Machines and Point of Sale terminals.

The Central Bank of Nigeria had in the wake of the cash-less policy made it a strict requirement for banks and e-payment institutions to comply with this standard.

In view of this, cash-less system stakeholders have been jostling to put processes and technology in place to be compliant.

Speaking on the milestone last week in Lagos , the Chief Operating Officer, Digital Encode, Mr. Adewale Obadare, said it was a positive sign that yet another bank in Nigeria had been PCIDSS certified through his company’s information security guidance.

This, according to him, means that the security of card holders’ funds and transactions have been further enhanced as the cash-less system gets traction, thereby boosting customers’ confidence.

He explained that Digital Encode assisted Sterling Bank scale physical, administrative and technology hurdles required for the certification.

“Our strategic alliance with Qualys, a technology Approved Scanning Vendor and ControlCase LLC, a United States-based Qualified Security Assessor, audits organisations that store, process and transmit cardholders details with the requirements to meet the PCIDSS certification standard.

“We are indeed happy to have been a part of this success story with Sterling Bank.” he said.

The Chief Technology Officer of the company, Mr. Oluseyi Akindeinde also recalled that Digital Encode had previously guided other organisations in the financial sector attained the PCIDSS certification.

Akindeinde, whilst stating that this milestone was achieved in a record time of six months, also emphasised the need for e-payment security.

He further reiterated that subsequent lack of it erodes the confidence of the public in electronic platforms/systems as a channel for transacting business which would in effect, translate to operational risk and losses to deposit money banks as well as other players who form the e-payment eco-system.

On the certification for Sterling Bank, Akindeinde said, “The benefit to the bank is far reaching. It leads to a reduced risk of security breaches, engenders peace of mind for stakeholders whilst fostering a positive consumer confidence. We are glad to have partnered with Sterling Bank on this significant milestone”