The UK's Barclays Bank has licensed encryption technology from California-based PGP Corporation which it will use to safeguard sensitive information across its global retail and commercial banking operations.
The bank has selected PGP's Encryption Platform as the foundation of its enterprise data protection strategy. The vendor says it will secure Barclays' data "in a variety of forms".
PGP says Barclays chose its technology because it offers a manageable system that can be extended to accommodate growth in use of encryption technologies, whilst ensuring regulatory compliance within the global marketplace.
The platform can be quickly adapted to meet evolving audit, compliance and data security requirements whilst reducing operational costs by cutting redundant training, management and support requirements, says the vendor.
Barclays and PGP will cooperate to extend the key management system and develop the technology for customers and other corporate stakeholders.
Rick Carey, COO, global retail and commercial banking technology, Barclays, says: "Together with its proven track record in delivering enterprise data protection solutions, the breadth of PGP solutions assured us that it could address a wide variety of encryption needs today, whilst supporting innovation for tomorrow."