Best Practice for Lifecycle Crypto Key Management

GoldBrio Investment Group

Firms using cryptography for securing secret information have the choice of hardware and software-based solutions depending on the nature of the data in need of encryption. Arguably, the most fragile link in the strung is the cryptographic keys used to encrypt and decrypt the data. This is due to the constantly increasing processing power of today’s computers and how much time it could take to compromise the keys with the exhaustive key search. Therefore, these firms must regularly revoke, update and distribute the keys to the relevant parties in order to reduce the risk of internal and external hazards.

Many sectors, including banking and governmental, have the time-consuming task of tracking and managing an ever-increasing variety of keys to ensure the right keys are in the right place at the right time. Portfolio Management The vast amounts of keys needed for the daily operations of applications using crypto will lead to an affiliate marketer of facilitators if the keys are managed personally. Hence, automated key management systems are now a necessity for these firms if they are to keep on top of the workload, and reduce their admin costs.

Key management comes into play many variations with some more suitable for enterprise settings while others are more scalable, designed for the huge variety of keys as made use of in the banking industry. Different requirements need different solutions, however, there are some general issues that must be addressed if the setup of such systems will be successful in terms of functionality, concurrence, availability, and keeping costs at the very least. A shortlist of best practice procedures is below:

• De-centralise encryption and decryption
• Centralised lifecycle key management
• Automated key distribution and updating
• Future proof: supporting multiple standards, e. Gary. PCI DSS, Sarbanes-Oxley, and FIPS 140-2
• Support for all major hardware and software security themes to avoid vendor tie-in
• Flexible key attributes to eliminate paperwork
• Comprehensive searchable tamper-evident audit records of activity
• Transparent and streamlined processes
• Base on open standards to Overcome development time when integrating new applications

With a system combining these elements, key management can eliminate many of the risks associated with human error and purposive attacks on the secret data. It may also allow the flexibility for providing security for applications that might otherwise have been deemed too costly for cryptography.

Regardless of industry or solution, an organization may choose, the above list, at the very least, should be the cornerstone of any key management system, to not only enable a high level of security but to improve processes and provide short and long term savings.

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