Best Encryption Key Management Software

Encryption key management software assists companies with protecting and managing their cryptographic keys used for encrypting data on devices and in applications. Encryption key management software manages encryption keys throughout a key pair’s lifecycle, which includes key generation, exchange, use, integrity, availability, storage, backup or archive, revocation, and deregistration or destruction. On the backend, these tools manage encryption key generation, distribution, and replacement, while on the client side, the tools inject encryption keys and store and manage them on devices. These software solutions protect the keys by ensuring that only authenticated and authorized users can access them, preventing them from being disclosed, lost, misused, or intercepted by unauthorized parties.

What Do KMS and HSM Stand For?

KMS stands for key management systems. Key management systems are centralized hubs that manage the key lifecycle, including generation, certification, storage, usage, expiration, revocation, and retirement. Centralized key management systems work in conjunction with hardware security modules (HSMs). KMS may also be known by the following acronyms: CKMS, which is cryptographic key management system, or EKMS, which stands for enterprise key management system.

HSM stands for hardware security modules. Hardware security modules are servers built to be tamper-resistant or tamper-proof. HSMs generate, retrieve, share, and protect keys. These are considered the most secure key storage as these are physically built to prevent tampering by using special tamper-resistant screws and sealants.

What Types of Encryption Key Management Software Exist?

On-premises encryption key management

Some companies opt to store their key manager on-premises using a hardware security module (HSM), which is a server built to be tamper-resistant or tamper-proof. 

Cloud-based encryption key management

Some companies have complex key management needs and need a solution that scales to meet the volume and complexity of their encryption key transaction needs. Centralized cloud-based encryption key management can assist with symmetric and asymmetric key management and work with various databases, applications, and standards. Bring your own encryption (BYOE) or bring your own key (BYOK) is akin to the bring your own device (BYOD) security models—companies bring their own encryption key management software to deploy on public cloud infrastructure. However, this security model has trade-offs as this may entail giving cloud providers access to keys, which may not meet a company’s security policies. 

Key management as a service

Some cloud providers offer their own key management as a service solution in their cloud environments.

The following are some core features within encryption key management software:

Interoperability: For companies that use multiple types of cryptographic keys and multiple software applications, interoperability is important. Many encryption key management solutions are based on standard protocols, including Key Management Interoperability Protocol (KMIP) standard or Public Key Crypto Standard (PKCS 11). Other solutions will rely on closed-source key management.

Policy management: Companies may have specific policies for their encryption keys, including when to expire or revoke them or methods to prevent sharing the keys. Encryption key management software will enforce these policies.

Access management: In addition to creating and managing the keys themselves, it is important to manage who has access permissions to those keys. Many companies employ a least-privilege policy where users and systems have the least access needed to achieve their role function. Encryption key management solutions can enforce those policies, ensuring that only authorized and authenticated users or systems have access to the keys can prevent misuse. These tools will also provide access and audit logs.

Backup: If the keys are lost, access to the encrypted data will be unrecoverable without backup. Many encryption key management solutions offer backup features.

If not properly managed, encryption keys can fall into the wrong hands and be used to decrypt sensitive data. This can risk sensitive encrypted data or disrupt critical business information access. Managing encryption keys manually can be challenging to meet today’s business needs as the scale and complexity of applications used and the encryption and keys needed to secure those have grown, which is why many companies have opted for automated management solutions. If data encryption key management is managed manually, this time-consuming task may come at the expense of speed, availability, interoperability, accuracy, and integrity. 

Security: The main purpose of encryption and, therefore, encryption key management is security. Encryption key management software assists in managing encryption keys at scale in a secure manner and remains available to meet business needs.

Meeting regulatory compliance: Some highly regulated industries are bound by various data protection regulations for storing and managing encryption keys. Using encryption key management software, companies can meet requirements of regulations such as PCI DSS 3.2.1, NIST 800-53, and NIST 800-57.

Scalability: Today’s businesses rely on multiple devices and applications needing encryption, meaning they need an encryption key management solution that scales at speed to generate, distribute, and manage the keys. This can mean the ability to generate hundreds of keys per minute. Many businesses require low latency and high availability for their keys.