Method and system for storing data in a storage device accessible through a storage area network is provided. The method includes receiving data from a host system; generating a first encryption key for encrypting data information that describes the received data; generating a second encryption key that encrypts the first encryption key and the encrypted data information; generating an encryption packet that includes the second encryption key, the first encryption key and the data information; storing the encryption packet at one or more memory locations; and periodically refreshing the encryption packet without periodically encrypting the received data for securely storing the received data.