Encryption Firm Hopes to Reap Benefit of New Laws
Byline: John Hill
WE'RE living in a world where sharing is fun, but that isn't necessarily the case if you're a business. So for times when hurling your data into everyone's bedroom isn't going to please the boss, there's always the option of encryption. Jesmond-based GCrypt is a specialist in document and email transfer, encrypting data such as payslips and invoices and transferring it. Howes ver, it's now also applying its talents to technology which has caught the eye of the UK government.
Drawing on its experience of encryption, GCrypt has submitted a proposal to the Cabinet Office's Innovation Launch Pad for a new pensions compliance application for small and medium businesses. The proposal has been recognised as one of the top ideas, and is in the running to be one of 10 to be presented at Whitehall in July. Head of marketing Dawn Baker said: "It's very exciting from our perspective.
The idea was put into the Cabinet Office as one of several thousand ideas and we've received word the idea has been shortlisted."
The proposal is a response to a fairly major piece of legislation about to affect pensions in the UK. From October 2012, employees will be required to enrol eligible employees into a qualifying pension scheme automatically, as well as contribute to their pension total.
Baker said: "Businesses will have to have a full audit trail of employee pensions, which means keeping a large amount of information for a long time.
"We can create an online archive so when the legislation comes online, SMEs can link into the system. It tracks the correspondence they have with their people and links up to the National Employment Saving Trust. We're using our technology to ensure the data is encrypted."
The company hopes to be able to secure some support from the Government through the Innovation Launch Pad, but also recognises its importance to private sector businesses counting the cost of implementing the legislation.
Baker said: "The cost being quoted for small businesses to take up the legislation is huge, and we're offering a solution which reduces the cost. …