DOHA: Commercialbank has been awarded the PCI Security Certificate - making Commercialbank Card Services the first and only payment platform in Qatar to have received the coveted security certificate.
The certification recognizes the world class data security standards Commecialbank applies in protecting customer information and preventing payment card fraud. The security standard developed by the Payment Card Industry Security Standards Council (PCI SSC) confirms that the customers of the Bank enjoy the best possible protection against any misuse of sensitive data.
This successful certification proves that the Bank's security is in line with the strict requirements of the Payment Card Industry Data Security Standard (PCI DSS), based on global international standards.
The PCI DSS standard represents the best practices defined by industry-wide requirements for security management, policies, procedures, network architecture, software design and other critical protective measures that service providers must adhere to, in order to safeguard sensitive data.
Providers must undergo an annual on-site PCI Data Security Assessment by an independent Qualified Security Assessor (QSA) to attain compliance. During the thorough examination of compliance, Commercialbank Card Services thoroughly fulfilled all the security requirements. The QSA then granted the certification to Commercialbank further enhancing and strengthening the Bank's position as a visible leader in the card processing industry and marking a significant milestone in the Bank's commendable history.
"The PCI DSS provide an industry standard to protect sensitive payment card data from attack and unauthorized use by criminals and creates customer trust in the payment card system. By getting their systems certified, Commercialbank has proved its strong commitment to high data security standards and protection of cardholder data they access and process," said Kamran Siddqi, General Manager ME from Visa.
Andy Stevens, GCEO Commercialbank said: "For Commercialbank, as a provider of international full-service solutions for non-cash, card-based payments it was a matter of course to implement the highest security standards. Being the first Bank in Qatar to achieve the PCI DSS is a continued measure of our commitment to protect the security of our customers and will raise our card business to a new level of quality. This forward thinking approach aligns perfectly with our mission and goal of enhancing cardholder data security, by fostering the broad adoption of payment card industry standards and keeping customers' data safe."
"The certification recognises that Commercialbank has used the best practices and guidelines to protect sensitive cardholder data and minimise risk of financial losses. As the card payment landscape continues to evolve, information protection, risk mitigation, security and controls remain the ultimate concern," said John Dolton, Acting CEO, Orient, Principal Technology Officer, Commercialbank.
The PCI DSS is a worldwide information security standard defined by the Payment Card Industry Security Standards Council. The standard was created to help payment card industry organizations that process card payments prevent credit card fraud through increased controls around data and its exposure to compromise. The standard applies to all organizations that hold, process, or exchange cardholder information from any card branded with the logo of one of the card brands.
PCI DSS has been endorsed by all of the major card brands: Visa Inc., MasterCard Worldwide, Discover Network, American Express, and JCB. Through its Level One PCI DSS compliance validation, Commercialbank can support any on-line application, regardless of the volume of credit card information stored, processed, or transmitted. This level of compliance validation is required of any service provider supporting more than one million transactions or accounts per year.
Funds from QIA
Meanwhile, Commercial Bank of Qatar has announced it has received funds from Qatar Investment Authority (QIA) which are to be used to subscribe for a further issue of shares in the capital of the Bank.
The proposed issue would involve a placement of 20,620,530 additional ordinary shares at a price of QR78.30 per share, being the price at which previous placements to the QIA have been made, and would increase the QIA's shareholding in Commercialbank to 16.7 percent.
The placement would be ratified at an Extraordinary General Assembly of Commercialbank to be held in early 2011. The proposed new shares would not have any entitlement to dividend or other profit distribution in respect of the 2010 financial year.
© The Peninsula 2011
