Key Management is the process of handling cryptographic keys in a secure manner. It involves generating, storing, distributing, and retiring keys used for encrypting and decrypting data. Proper key management ensures that sensitive information remains protected from unauthorized access, making it essential for organizations that handle confidential data. Effective key management practices include using secure storage solutions, regularly updating keys, and implementing access controls. Tools and systems, such as Key Management Systems (KMS), help automate these processes, reducing the risk of human error. By maintaining strong key management, organizations can safeguard their data and comply with regulations like GDPR and HIPAA.