Final answer:
Key escrow is a cryptographic technique that securely stores encryption keys with a trusted third party. It solves the problem of key management and recovery in encryption systems. However, there are risks associated with key escrow.
Step-by-step explanation:
Key escrow is a cryptographic technique used to securely store encryption keys with a trusted third party. In this system, the third party, known as the escrow agent, holds a copy of the encryption key and can release it to authorized entities when necessary. It is primarily used for ensuring access to encrypted data in case of emergencies, such as the loss of the original key or the demise of the key holder.
Key escrow solves the problem of key management and recovery in encryption systems. It provides a means to regain access to encrypted data when the original key is unavailable. This is particularly useful in situations where important data needs to be recovered or decrypted, and the key holder is unable to do so.
However, there are also risks associated with key escrow. The main concern is the potential abuse of the escrowed keys by unauthorized individuals or government entities. This could lead to privacy breaches and compromised data security. Therefore, careful implementation and strict access controls are necessary to minimize the risks.