BRAC Bank, the pioneer of SME banking in the country, has achieved a distinct benchmark of compliance for maintaining a high level of data security of the customers.
The bank has recently achieved compliance with the Payment Card Industry Data Security Standard (PCI-DSS) to obtain the certification.
PCI-DSS Certificate is regarded as the most rigorous and globally recognized payment-card security standard in the industry, says a media statement.
The compliance assessment was done by renowned Qualified Security Assessor (QSA) SISA InfoSec. The bank has received the PCI-DSS Certificate by complying with all its requirements.
The PCI-DSS is a set of security standards developed for organizations that store, process, or transmit cardholder's data.
Governed by the PCI-SSC, the compliance certification aims to secure card transactions against data theft and fraud.
BRAC Bank is among very few banks in Bangladesh that have complied with the PCI-DSS requirement that has been set by the regulatory body and mandatory by payment partners (e.g., Visa, Master Card, JCB).
Sabbir Hossain, DMD and chief operating officer of the bank, said, "It was a 4-year journey that has enabled us to be PCI-DSS certified. We had to upgrade multiple major solutions, including in-house applications to ensure compliance with the rigorous standard".
In this process, BRAC Bank has upgraded its ecommerce platform, credit card solution, payment switch system, CORPnet, internet banking system and core banking system. It also deployed multiple security technologies and conducted several security assessments and multiple pieces of training.
Hossain added, "BRAC Bank strives to achieve the utmost compliance standards in the industry and continuously improve to protect valuable business information assets. We are happy to offer complete data protection to our customers."
Earlier, BRAC Bank achieved the ISO 27001:2013 certification for Information security management function in 2017 and the ISO 18788 certification for Security Operations and Cyber Fusion Centre in 2020.