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An encryption key management system and method imple ments enterprise managed encryption key for an enterprise using encryption for cloud-based services. In some embodi ments, the enterprise deploys a key agent on the enterprise data network to distribute encryption key material to the network intermediary on a periodic basis. The network intermediary receives the encryption key material from the enterprise and stores the encryption key material in tempo rary storage and uses the received encryption key material to derive a data encryption key to perform the encryption of the enterprise's data. In this manner, the enterprise can be provided with the added security assurance of maintaining and managing its own encryption key while using cloud based data storage services. The encryption key manage ment system and method can be applied to ensure that the enterprises one or more encryption keys do not …