Union Bank be­comes SL’S first bank to re­ceive PCI DSS cer­ti­fi­ca­tion

Daily Mirror (Sri Lanka) - - FINANCE -

Mark­ing a sig­nif­i­cant turn­ing point in data se­cu­rity pro­tec­tion, Union Bank be­came the first bank in Sri Lanka to re­ceive the in­ter­na­tional pay­ment card In­dus­try Data Se­cu­rity Stan­dard (PCI DSS) by the Se­cu­rity Stan­dards Coun­cil.

The PCI Se­cu­rity Stan­dards Coun­cil is a global fo­rum for the on­go­ing de­vel­op­ment, en­hance­ment, stor­age, dis­sem­i­na­tion and im­ple­men­ta­tion of se­cu­rity stan­dards for ac­count data pro­tec­tion. The PCI cer­ti­fi­ca­tion is a ro­bust as­sur­ance of Union Bank’s data se­cu­rity stan­dards across all sys­tems and pro­cesses through which card and ac­count trans­ac­tions are ef­fected.

Com­ment­ing on the achieve­ment, Union Bank Chief Ex­ec­u­tive Of­fi­cer In­dra­jit Wick­ra­mas­inghe said, “We are pleased to an­nounce this sig­nif­i­cant se­cu­rity cer­ti­fi­ca­tion, which is an­other in­dus­try first by Union Bank. The se­cu­rity of card and ac­count data is of cru­cial im­por­tance to us as a fi­nan­cial in­sti­tu­tion.

The breach or theft of card/ ac­count holder data would ad­versely af­fect the en­tire pay­ment card ecosys­tem where cus­tomers would lose trust in mer­chants or fi­nan­cial in­sti­tu­tions and in turn busi­ness would get neg­a­tively af­fected.

As a pro­gres­sive bank that places greater fo­cus on tech-en­abled cus­tomer touch points, Union Bank is com­mit­ted to ad­vo­cat­ing the high­est lev­els of data se­cu­rity and fol­low­ing PCI se­cu­rity stan­dards con­firms our com­mit­ment to good busi­ness prac­tices. The se­cu­rity ben­e­fits as­so­ci­ated with main­tain­ing PCI com­pli­ance are vi­tal to the longterm suc­cess of the bank as well as our cus­tomers.”

The PCI Stan­dard Cer­ti­fi­ca­tion in­cludes con­tin­ual iden­ti­fi­ca­tion of threats and vul­ner­a­bil­i­ties that could po­ten­tially im­pact the or­gan­i­sa­tion. Such stan­dards help en­sure healthy and trust­wor­thy pay­ment card trans­ac­tions for the mul­ti­tudes of cus­tomers that main­tain ac­counts linked to cards and credit fa­cil­i­ties.

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