The United Bank gets the compatibility certificate with international standards 2023 PCI- DSS.
04/07/2023
Towards better practices to secure information and digital transformation
The United Bank gets the compatibility certificate with international standards (2023 payment card industry- Data security standards) PCI- DSS.
Ashraf El Kady- Chief Executive Officer and Managing Director, The United Bank
* UB aheads in applying the latest International technology.
* Applying PCI- DSS standards to secure electronic cards usage world-wide.
* 4 international reflections on applying PCI- DSS for the transformation into green economy.
*The volume of e-trade reaches 3.3 trillion dollars, China, Germany and England are ahead.
* 30 billion dollars is the volume of e-trade in Egypt.
*72 % of Egyptians began using e- cards online since 2020.
Cairo: July 4th, 2023
Ashraf El Kady- Chief Executive Officer and Managing Director, The United Bank
announces that UB was awarded Payment Card Industry- Data security standards PCI- DSS to comply with international standards. As one of the international mechanisms that supports The Egyptian state and The Central Bank of Egypt, in order to increase the volume of e-trade.
The authorized International Committee awarded UB payment card industry- Data security standards (PSI-DSS), after a range of meticulous technological and specialized reviews in applying international standards, as well as, a wide range of tests to measure all the information system and network, and to make sure all the international prerequisites are met.
The international committee stated that UB has a technical framework, secured systems and policies that are based on the best practices world-wide. Those practices that are to confront cyber attacks and secure the client's data and internal systems.
Moreover, the committee praised UB's technical and technological framework through proactive steps to address cyber attacks. Further more, following and applying risk mitigation mechanisms.
The committee mentioned in it's report that those mechanisms are based on some factors, coming on top the professionalism of the work team and their technical qualifications by going through a range of awareness campaigns and training on dealing with different kinds of cyber attacks.
As well as, enhancing the technical infra structure, through developing the work network, internal and external operations and securing the infrastructure. Thus, eliminating any chance of cyber attacks on the network, operations and internal systems.
El Kady pointed out that UB's success in passing through these specialized and accurate tests and getting PCI- DSS has a great impact on supporting the march of UB concerted efforts in applying the international standards of information security of cards. Which reflects on providing the best banking services with the highest level of security and excellence.
4 national impacts for applying PCI- DSS
El Kady mentioned that there are four national reflections on both the green economy transformation and information security.
First: Technologically
The international certificate PCI- DSS aims to increase the safety procedures of UB current and future client's data, either the printed data on the cards or that stored in the magnetic chip. Moreover, full security to all information and local and international banking transactions 24/7.
Second: Socially
PCI- DSS certificate contributes to maximizing the volume of clients footfall on digital payment operations and changing the consumption behavior, through the usage availability of all Bank cards, either the national Meeza network card, Mastercard, or Visa. Especially after conducting a study by Mastercard International Company that shows that 72% of Egyptians transformed their consumption into online payment methods. Moreover, reducing the volume of electronic crimes, through full security of data and addressing proactively cyber attacks. In addition to deepening the banking and financial culture and support the transformation into non- monetary society.
Third: Economically
The certificate came coinciding with increasing Egypt's share in the volume of international e-trade. The Egyptian e-trade reached 30 billion dollars in 2022 and the international e-trade was 3.3 trillion dollars in the same year. That happened through increasing trust in digital payment systems and mechanisms. Moreover, the Egyptian market has doubled up it's ability in attracting investments in terms of productive, exporting and consuming indicators. The thing that supports the State's and CBE efforts towards transformation into digital best practices and green economy, which reduces the negative impacts of the climate. Whereby cash is reduces, so that printing is reduced. Thus, carbon emissions are less.
Fourth: Banking
This certificate grants the bank a local and international competitive advantage for current and future client. These meticulous international standards applied in e-bank systems contribute to achieving the safety factor and guaranteeing the security of clients' data. Either in credit card work or cards payment industry. The thing that enhances the client's trust and the international institutions in the firmness and safety of systems in the Egyptian banking sector.
El Kady thanked UB work team for their huge efforts and fruitful cooperation and cross teamwork to reach the significant UB performance either accomplishing the current and future clients' welfare or supporting the state towards sustainable national economy.
It's worth mentioning that PCI- DSS is a set of international guidelines and instructions for e- payment. Those guidelines are set by PCI- DSS Standards Committee to cope with the great technological development and the continual cyber threats and attacks all over the world. Those instructions are regularly revised to make sure that institutions are applying the rules of safety to secure the cards data.
End.
