Final answer:
The process described is called key escrow, and it is used to securely store a copy of an encryption key to ensure data can be recovered if the original key is lost.
Step-by-step explanation:
The procedure of entrusting a party with a copy of an encryption key that can be used in case the actual key is lost or destroyed is called key escrow.
This process involves securely storing a copy of the encryption key in a trusted environment, where it can be retrieved only under predefined conditions.
The idea behind key escrow is to provide a means of recovering encrypted data if access to the original encryption key is no longer possible, such as when keys are lost or personnel are unavailable. It is particularly relevant in corporate environments where the need to recover important data is critical for business continuity.