A new approach is proposed to support monitoring Perfect Forward Secrecy (PFS) network traffic by utilizing a hardware security module (HSM) appliance. Here, the HSM appliance is a high-performance, Federal Information Processing Standards (FIPS) 140-compliant security hardware with embedded firmware, which can be used for management and sharing of ephemeral keys used in a secured PFS communication session between two parties. Specifically, the HSM allows a server to share one or more of its ephemeral keys and/or parameters used in PFS traffic during the session with a third party under specified access rights and/or authorization, wherein the third party can be but is not limited to a traffic monitoring module. The HSM allows the third party to access the ephemeral keys stored on the HSM under the specified access rights and/or authorization so that the third party may decrypt and run analytics on the PFS traffic captured during the session.