What is Software Key Management?

Introduction

Encryption key management software manages and administers the encryption process, such as the validity term of a key, as well as the storage, distribution, and life cycle of all encryption keys to help ensure that they are accessible only by authorized people or entities. Such programs are employed by IT and security specialists to confirm that access to information remains safe.

Encryption key management software also provides tools to protect the keys in storage and backup functionality to prevent data loss. Additionally, it includes functionality to securely distribute keys to approved parties and enforce key sharing policies.

Some general-purpose encryption software also has key management functionality. However, such tools have fewer features for key management, distribution, and policy enforcement. The minimum requirement for a product to be in the Encryption Key Management category includes:

• Secure Key Storage and Backup: A solution must have strong encryption for key storage at rest and in transit, as well as secure backup procedures to prevent data loss or unauthorized access.
• Compliance Management Capabilities: Software must provide tools and functionalities to ensure encryption keys comply with relevant data security regulations and industry standards.
• Security Policies Feature: Software should enable organizations to define and enforce granular access controls and key usage policies to control how encryption keys are used and shared.

A software key management approach can be used instead of an HSM based SaaS approach or a cloud KMS approach. Also, secrets management is an efficient approach to managing secrets, passphrases, etc.

Software-based key management is suitable for organizations that do not use advanced hardware modules for key management on-premises but want to ensure their cloud providers do not own and cannot be compelled to turn over keys to decrypt their data. It provides complete control over key management while keeping costs lower than HSMs.

Advantages

Software Key Management software provides many benefits for organizations and also improves data security. Some of these key benefits are:

• Software key management solutions are less expensive and have greater scalability and flexibility, which means that organizations can easily adjust their key management infrastructure to their needs. 
• Software key management solutions can perform all of the core functions and tasks that HSMs offer. This includes secure key generation, storage, rotation, key application programming interfaces (API), and integration with cloud-based encryption services.
• These software are generally less expensive than hardware security modules. It also enables key services to be fully controlled and not delegated to your cloud provider.

Disadvantages

Software Key Management solutions also have some disadvantages that organizations need to consider before implementation, such as:

• Software key management solutions work best for Infrastructure as a Service (IaaS) deployments, as servers are required to be installed and configured in the IaaS environment to perform key management operations.
• Software key management solutions are not suitable if the regulations require the use of FIPS-certified hardware modules. 
• Organizations that work with software key management are responsible for failover and addition planning and organization of replication of their key management infrastructure, which implies organizational expertise, decision-making, high availability, and planning for all disaster recovery situations.

Conclusion

Software Key Management ensures your sensitive information is protected from any form of vulnerability, maintaining data integrity and safety regulations. By adhering to industry standards, individuals and organizations can trust in secure software key management solutions for their digital needs and protection of their personal information. It acts as a shield against ever-growing digital threats and cyber breaches.

Encryption Consulting’s Cloud Data Protection Services can help you make the right choice for your organization. Our team of experienced consultants will assess your existing infrastructure and set up and devise the most suitable solution to safeguard your valuable and sensitive data.