How cyberattack risks drop 60 percent with modern key management

A worker on a production line at a printing and packaging factory in Qingzhou, eastern China. Manufacturing contracted for a fourth straight month in August, official data shows – Copyright AFP/File STRINGER

Proper key management is essential to ensure the security of sensitive data. Studies indicate that modern key management practices can potentially reduce up to 60 percent of risks in cyberattacks.

Specifically, a company can safeguard its information from threats it faces by introducing advanced encryption with access control. ‘Key management‘ refers to the administration of cryptographic keys within a cryptosystem. This includes the handling, generation, exchange, storage, use, and replacement of keys. It encompasses key servers, user procedures, and key management protocols.

“Instead of keeping all the keys in one place, you break them into pieces and store them in separate, secure locations. This way, even if someone gains access to one location, they won’t be able to use the keys without connecting all the pieces.” Peter F. Frandsen, CTO and Cyber Security Expert at Partisia tells Digital Journal.

This assertion highlights the pressing need for advanced security measures in an era where data breaches are not just common, but expected.

Why Efficient Key Management Matters

Key management can be used to control unauthorized access to data and guarantee the data’s integrity, depending on the cryptographic keys. Since these keys further protect all kinds of data – including identification data, an individual’s messages, academic achievements, etc., and business secrets – their administration forms the basis of protecting data from unauthorized access.
 

Strategies to enhance key management include:

1. Regular Key Rotation: This decreases the risk of key compromise over time. Frequent rotation limits the window of opportunity for attackers to exploit a stolen key.
2. Use of Hardware Security Modules (HSM): These devices safeguard and manage digital keys. They perform encryption and decryption operations within a tamper-resistant environment.
3. Adoption of multi-factor authentication (MFA): Multi-factor authentications provide layers of security depending on multiple forms of evidence proving the correctness of a user’s identity and access encryption keys.
4. Implementation of Access Control: this involves restricting who is able to access these key management tools. This assures that only authorized persons can manage and view the cryptographic keys.
5. Auditing and Monitoring: Continuous monitoring of key management activities helps detect and react to unauthorized access attempts in real time.

While there are different approaches,a centralized key management system simplifies managing keys across various platforms and devices, providing comprehensive visibility and control over encryption keys, reducing the scope for errors and security gaps. 

With the advancement of key management strategies, an organization can reduce the chances of data breaches and enhances security posture as a whole.