To meet security standards on e-payment, leading organisation in the field of auditing management systems and processes, British Standard Institute (BSI), has awarded Access Bank with ISO 27001:2005 Certificate for information security management.

The ISO 27001:2005 Certificate is the world’s accreditation for information protection and security from the International Organisation for Standardisation (ISO).

Specifically, the implementation of the information security management systems gives a systematic approach to minimising the risk of unauthorised access or loss of information while ensuring the effective deployment of protective measures. It also provides a framework for organisations to manage their compliance with legal and other requirements and improve performance in managing information securely.

Commenting on the new development, Director, Banking Supervision Department at the  Central Bank of Nigeria (CBN), Mrs Tokunbo Martins who was represented by Mr Sola Ogunmoroti, an official in her department at the apex Bank, said, banks need to ensure the deployment of an effective control mechanism for their Information Technology infrastructure in order to checkmate cyber crimes and ensure the safety of electronic transactions.

She emphasised that since Information Technology was a major driver of banks’ activities, especially with the cashless initiative, there is a need for regulatory focus on control built about around Information Technology infrastructures.

“Transparency and accountability is posing serious challenges in many jurisdictions and this has brought to the fore, the need for banks not to downplay the importance of Information Technology. In some cases, control is often disjointed and without effective infrastructure. The CBN has become aware of the need to wage war against cyber crimes, hence the emphasis on certification of banks’ information security management system,” she said.

Also speaking on the certification is the Group Managing Director/Chief Executive Officer, Access Bank, Mr Aigboje Aig-Imoukhuede, who was represented by an Executive Director of the Bank, Mr. Victor Etuokwu. He said “This is a confirmation that certain standards have been met, but a beginning of another journey. We know that it confers on the bank additional responsibilities. We assure not just the CBN, but the BSI, that management is aware of these responsibilities and we are committed to ensuring delivery.”