A method for key rotation includes initiating key rotation for a user account of a multi-factor authentication platform enabling one-time password authentication using a first symmetric cryptographic key; generating, at an authenticating device, a second symmetric cryptographic key; transmitting, at the authenticating device, the second symmetric cryptographic key to the multi-factor authentication platform; configuring the multi-factor authentication platform and the authenticating device to disable authentication that uses the first symmetric cryptographic key; and configuring the multi-factor authentication platform and the authenticating device to enable authentication that uses the second symmetric cryptographic key.