Fadata Ensures EU Insurers Full Sovereign Key Control of Encrypted Data
one of the few insurance software providers that can guarantee protection against foreign access
The PR Room
Fadata has proudly become one of only very few insurance software providers to ensure insurers retain ultimate control of their sensitive data. Not only protecting the lock, but also the key, Fadata has partnered with Deutsche Telekom to ensure EU insurers now have complete ownership of encryption keys, ensuring zero risk of external interference.
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.”
-ENDS-
About Fadata
Fadata boasts the super-power to build the future of insurance. With a heritage spanning over more than three decades, we are a leading provider of solutions for insurance companies globally and offer a highly flexible SaaS model. Together with our customers and our partners we have created an expert community that is driving customer engagement, innovation and business value, making change happen and impacting millions of people’s lives every day.
Fadata has clients in over 30 countries across the globe. Headquartered in Munich, with international offices in Spain, Bulgaria, Denmark, Serbia, Peru and Malaysia, Fadata is backed by the private equity firms Riverside and Lowell Minnick.
For more information, please visit www.fadata.eu, and join us on LinkedIn to stay in touch.
Media contact:
Kerri Chard
The PR Room
Email: kerri.chard@theprroom.co.uk
Tel: +44 (0) 333 9398 296