Security Regulations Compliance
Encryption is one of the most critical requirements for security regulations such as PCI-DSS. It is a statutory requirement. For example, all cardholder data must be encrypted (e.g., AES-256, RSA 2048), truncated, tokenised, or hashed (approved hash algorithms specified in FIPS 180-4: SHA-1, SHA-224, SHA-256, SHA-384 SHA-512, SHA-512/224, and SHA-512/256). Although this is not the only requisite for having encrypted data, PCI-DSS also needs that the PCI-DSS encryption key management process is supported (we are going to discuss this in the future)
Protecting Sensitive Data
With centralised key management and simple APIs for data encryption, encryption key management is ideal for protecting sensitive data. Examples of these key management include using Hashicorp Vault (open source) if you use the public cloud like OCI Oracle using Oracle’s manage keys, Amazon Web Service (AWS) Key Management, likely also talking about in the near future about this.