As Nigeria moves to entrench a cashless society following the take off of the Cashless Lagos pilot by the Central Bank of Nigeria (CBN), Interswitch for the second consecutive year has its card security standard by achieving the Payment Card Industry Data Security Standard (PCIDSS) recertification, making it the only Nigerian and West African organisation to be compliant two years in a row.
With this recertification, Interswitch has reassured that card users would continue to experience enhanced payment account data security. PCIDSS certification represents a common set of security best practice that if adhered to will ensure the safe and secure handling of payment card data and transactions.
The requirements ensure that the entities that process, store or transmit cardholders’ data meet and adhere to the following standards: maintain a secure network for processing transactions; protection of cardholders and transaction data while in transit or at rest on the network; regular monitoring and testing of IT infrastructure among others.
According to a statement from the company and signed by the Managing Director and CEO of Interswitch, Mr. Mitchell Elegbe, “we have demonstrated our commitment to raise the bar on transaction security by seeking and achieving recertification based on the Payment Card Industry Security Standards Council (PCI-SSC)”.
The PCISSC is a measure to provide a uniform security compliance programme for organisation, service providers and merchants that handle card data. Such organisations could be in the financial, retail or IT sectors.
Interswitch achieved the first PCI-DSS certification in 2010, which ranked the company among the group of over 1,000 service providers worldwide with the same certificate and is the first company in the West African region to become a participating organisation of the PCI-SSC. It achieved the PCI-SSC status after fulfilling the council’s stringent requirements.
“Data security is a critical part of the switching business. In order to maintain and reinforce the same globally acceptable standards, we have gone to a great length and a rigorous process to ensure we are recertified”, he said. PCISSC’s mission is to enhance payment account data security by driving education and awareness of the PCISSC. It was founded by American Express, Discover Financial Services, JCB International, MasterCard Worldwide and Visa, Inc.