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Fadata Ensures EU Insurers Full Sovereign Key Control of Encrypted Data
Fadata, leading provider of core insurance platforms, is pleased to announce it has taken a major step forward in addressing one of the biggest concerns facing European insurance providers: data exposure in global cloud environments. To guarantee insurers with digital operations full EU jurisdiction over sensitive data, and peace of mind that GDPR rules remain met, Fadata has partnered with leading European provider T-Systems, a part of Deutsche Telekom, transferring ownership of encryption keys outside of the cloud provider, no matter where a cloud provider is based.
This added security layer for Fadata’s SaaS offering positions the company as one of the few insurance software providers that can guarantee protection against foreign access. EU insurers can now rest assured that their data is protected against all non-EU access requests, a risk that directly conflicts with GDPR, which continues to cause unease across the financial services sector and could potentially lead to fines.
All data managed in Fadata’s leading core insurance platform, INSIS, is encrypted end-to-end, both at rest and in transit. Connections between systems, both internal and external, remain fully secured, ensuring no data is ever left accessible.
Through the partnership with T-Systems cloud security and control innovation is now extended with External Key Management (EKM), which gives insurers complete ownership of their encryption keys. These keys are securely managed by T-Systems in Europe, ensuring that only insurers retain ultimate control over their data.
Fadata remains committed to supporting the unique regulatory and security needs of European insurance providers.
Jaime Estaban Molina, Director of Product Management and Strategy at Fadata, comments: “Recent industry surveys reveal that 84% of financial service providers in Europe consider data sovereignty a critical risk and a non-negotiable requirement when selecting technology partners. The need for sovereign-first solutions has never been clearer, and together with T-Systems, we are proud to be able to offer our current and future clients the opportunity to have confidence in their data’s security and ownership against external interference. As we like to put it: we are not only protecting the lock, but also the key.”
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