Interswitch, Nigeria’s premier switching transaction and electronic payment processing firm, has attained the Payment Card Industry Data Security Standard (PCI DSS) certification.
Thus, Interswitch has joined the elite group of over 1,000 service providers worldwide that have the same certificate.
The service provider designation for PCI DSS compliance indicates that all payments and card transactions sent through Interswitch meet the highest possible standards for data security. To reach this stage, external auditors from Qualified Security Assessors (QSA) and Approved Scanning Vendors (ASV) have meticulously examined and tested Interswitch’s software architecture to ensure that it meets the highest security levels.
Interswitch is the first company in Nigeria to achieve PCIDSS compliance and joins the elite group of 21 other companies across Central Europe, Middle East and Africa
According to Mr. Mitchell Elegbe, managing director of Interswitch, the PCI DSS auditors examined Interswitch’s system and hardware infrastructure to ascertain their PCI DSS standards. The process also allowed the auditors to address human element and verify that Interswitch’s staff are properly trained on internal and external vulnerabilities, which could “compromise data or card security”.
Elegbe said by becoming PCI DSS-compliant, Interswitch’s customers’ confidence would be boosted with the assurance that there is a higher level of protection for their data, which would improve the company’s competitive advantage while safeguarding its brand and reputation.
“With this latest development, Interswitch has built and maintained a secure business network system that will be less prone to successful attacks as there will be continual security checks to make sure compliance is maintained”.
He further explained that Interswitch now has a reasonable assurance that risk management processes around cardholders’ data protection are robust and properly aligned with the organization’s business objectives.
Notably, he said with the PCI DSS certification, banks and other corporate entities that are connected to Interswitch’s infrastructure have the opportunity to further gain customers’ trust, as such organisations would be seen as working with a company that “provides a high level of security to personal data”.
Explaining the rationale behind the PCI DSS certification, Elegbe said with the increasing fraudulent use of cardholders’ data and the need to enhance security and customer confidence, Interswitch in 2008 initiated the process of becoming PCI DSS-compliant, and thereafter subjected itself to rigorous audit from QSA and ASV.
Developed by the founding payment brands, MasterCard Worldwide, Visa
International, American Express, Discover Financial Services and JCB; PCI
DSS helps to facilitate the broad adoption of consistent data security measures on a global basis.
The five founding members jointly formed an independent regulatory organization called the PCI Security Standards Council (PCI SSC) to promulgate the standard. The PCI DSS reflects an agreed position on the combination of each of the credit card brands’ security standards.
QSA is a recognized body of auditors certified by the PCI SSC as being qualified to assess compliance to the PCI DSS standard while ASV is certified by the Council to perform vulnerability scans of networks and internet facing environments.