A method is provided for effectively managing encryption keys. A storage processor requests a key associated with a particular object ID associated with a particular device address range from a key server. The key server provides a unique key associated with the object ID. Old keys may be deleted either upon a determination by the storage processor that the key is no longer needed, or upon a signal from the key server indicating that the key is to be deleted. In either case, the storage processor deletes the key from all locations in memory and sends a confirmation signal to the key server. The key server then lists the key as disabled for possible future re-use. Embodiments are also directed to apparatus for use in practicing the method.