The future of encryption and key management is safe, according to Thales and the Ponemon Institute.

Based on a survey of 4,205 business managers, Thales e-Security's Global Encryption Trends study found that companies that deploy an encryption strategy outweigh those who do not have one, while 38 per cent of the managers said that they have a formal key management strategy.

While spending on encryption technology has almost doubled (from ten per cent to 18 per cent), concerns about key management have proved to be unfounded, as more than a third said that they have a corporate strategy.

To support that strategy, the Key Management Interoperability Protocol (KMIP) standard has been developed to allow organisations to deploy centralised key management systems that span multiple use cases and equipment vendors.

Forming a key part of the launch of Thales' keyAuthority 4.0, the company said that this provides full support of version 1.1 of the KMIP. According to the Thales, keyAuthority 4.0 offers long-term reliable protection of keys and is delivered in a tamper-resistant and tamper-evident hardware platform.

Laurent Liscia, executive director and CEO of Oasis, who developed the KMIP, said: “KMIP is widely acknowledged to be the key management interoperability solution. Its success is a testimony to the hard work and commitment of Thales and the other members of the Oasis KMIP technical committee. We applaud Thales for its role in advancing KMIP 1.1 and look forward to its continued contributions on behalf of open standards.”

Richard Moulds, vice president of strategy at Thales e-Security, said: “KeyAuthority is deployed in some of the most demanding environments, including financial services and government, where high levels of assurance and reliability are critical.

“Building on our history of developing trusted hardware security modules (HSMs) and key management solutions, and our experience as one of the founders and thought leaders behind KMIP, Thales is ideally positioned to satisfy partner and customer requirements for key management systems that can ultimately support the entire organisation.”