A system and method for managing trusted platform module (TPM) keys utilized in a cluster of computing nodes. A cluster-level management unit communicates with a local TPM agent in each node in the cluster. The cluster-level management unit has access to a database of protection groups, wherein each protection group comprises one active node which creates a TPM key and at least one standby node which stores a backup copy of the TPM key for the active node. The local TPM agent in the active node automatically initiates a migration process for automatically migrating the backup copy of the TPM key to the at least one standby node. The system maintains coherency of the TPM keys by also deleting the backup copy of the TPM key in the standby node when the key is deleted by the active node.