Latest security standard certification for card holder data achieved (First Universal Bank to obtain PCI DSS version 3.2 Certification for Safer Digital Banking)
In its commitment to provide a safer and more secure digital banking experience to its customers, the Bank recently received the certification for the Payment Card Industry Data Security Standard (PCI DSS) version 3.2, making it the first Universal Bank in the country to be certified with the latest cards data security standard. This ensures an even more robust protection of financial information against identity theft, fraudulent purchases, and other security threats.
The certification means the Bank has complied with more stringent requirements to effectively reduce the risk of data breaches and other card issues. "This recent accomplishment as the first Universal Bank to receive the PCI DSS certification of the latest banking standards is a testament that we are well on our way to achieving our mission to be among the top digital banks in the industry," said Henry R. Aguda, Chief Technology and Operations Officer and Chief Transformation Officer, and Senior Executive Vice President.
“In this digital age, a universal truth in business is that data is the most critical asset. At the forefront of UnionBank’s initiatives toward digital transformation is our commitment to ensure the safest and most secure online banking for the utmost protection of our customers’ data assets,” said Dennis D. Omila, Chief Information Officer.
According to Kaspersky, the Philippines ranks 33rd out of 233 countries most prone to cyberattacks. In addition, 17 percent of Filipino users report that their devices have been infected with malicious program or software used by cyber criminals who normally target customer financial data such as credit and debit cards. Thus, cybersecurity has never been as important to Filipinos as it is today. With the PCI DSS version 3.2, the Bank’s customers can be assured that the Bank protects their data and defends them against external threats in the best way possible.
PCI DSS is a proprietary information security standard founded by leading global credit card companies such as American Express, Discover Financial Services, JCB International, MasterCard Worldwide and Visa Inc. The standard is designed to ensure that all companies that accept, process, store or transit credit card information maintain a secure environment.
PCI DSS version 3.2 is the latest data security standard developed by the Council to address increased threats and more sophisticated attacks targeting customer payment information. The Bank’s PCI DSS compliance is validated annually by Crimson Security Inc., an internationally known Qualified Security Assessor.
Chief Information Officer Dennis D. Omila (left) and Chief Information Security Officer Aldrin D.R. Escurel receive the PCI DSS version 3.2 Certification from a representative from US-based Qualified Security Assessor, Crimson Security Inc.