International data centre operator Equinix believes insurers need to think more about where their data is stored as regulations increase in Asia.
On a visit to Hong Kong, Equinix head of global insurance James Maudslay told Post: "Data sovereignty is little understood but could be increasingly important as regulations increase in Asia. With the rise of the cloud and intra-territory data storage, companies need to be aware of where their data is being stored."
Data sovereignty is the idea that digitally stored information is subject to the laws of the country in which it is located.
Maudslay, pictured, added that laws around data and data protection are being tightened in countries such as Australia and Singapore, which could lead to questions being asked about what countries insurers are storing their data in.
In addition, some data could be subject to a subpoena from the host country's government, meaning insurers need to check where their providers are storing their data physically.
Equinix provides connections, including via the cloud, between data centres for a large range of companies including global insurers. Within the Asia-Pacific region it has data centres in Singapore, Hong Kong, Jakarta, Osaka, Tokyo, Melbourne, Sydney and Shanghai.
The company is looking to expand in the region, working with international insurers with local offices in addition to local insurers.
Equinix is also working with other companies on how catastrophe modelling could be adapted to a cloud environment.
Maudslay said: "This will be a new model and will bring partners in the catastrophe modelling space together – a kind of modelling exchange."