AFAIK, the data is unencrypted. Encryption of the emergency FDR data doesn't serve any purpose, as anything other than ECC has the potential to compromise data. In fact, I would actually bet its mirrored streams, across multiple chips, for that purpose as well.
The nice thing is, to access the data, post crash. you likely have to take it apart (the IO cables are designed to burn/break away to prevent their being a thermal or mechanical force shunt into the data store). Since if tried to rewrite/compromise the data, you'd have to take it apart, it would be then questionable.
So encryption? Doubt it. A priorietary additional data stream with some hashed time code to provide verification? Sure, I would (like a time + salt + sub-selection of the data at that time, hashed into another small data stream) to provide verification, but the rest, I would make it as dead simple as possible, not even compressed or block encoded. So raw 8/16bit amplitude encoding for voice, raw values for other inputs, written as 1 block = 1 record.
That's my guess.