Well they're encrypting an SD card, so this still defends against its being removed from the camera and stolen or left in a bar or something. But honestly from

Well they're encrypting an SD card, so this still defends against its being removed from the camera and stolen or left in a bar or something. But honestly from the rest of the story it sounds like the camera manufacturer was selling their pressure housing moreso than the off-the-shelf camera hardware inside, and was not particularly concerned with whether/how the storage was encrypted.