KMS RFP Template and Checklist (2026)
Oct 24, 2026
ArticleVendor-neutral KMS RFP template: 90 requirements in 9 groups, scoring model, vendor questions, red flags, PoC tests and exit clauses for key management.
Read articleThere is no single best KMS for every organisation. The best key management solution is the one that matches where your keys must live (your HSMs, your cloud, or nowhere in one piece), which clouds and SaaS platforms must call it, and how much of it you want to operate yourself. This guide explains how to choose a KMS in 2026, compares Thales, Entrust, Fortanix, Utimaco, Cosmian and DuoKey on a sourced set of criteria, and says plainly where each one leads.
A note on scope and honesty. The vendor comparison below uses the criteria of a customer RFP for Microsoft 365 Double Key Encryption (DKE) and key management, and every cell traces to public vendor documentation reviewed in October 2026. Where a capability was not found in public documentation, we write "not found", not "does not exist". DuoKey publishes this guide, so read it with that in mind: we show our own gaps as well.
Table of Contents
- What a KMS does and what it does not
- The vocabulary: DKE, HYOK, XKS, EKM and BYOK
- How to choose the best key management solution: eight criteria
- HSM vs MPC: where the key lives
- Best KMS comparison: six vendors, sourced
- Where each vendor is strongest
- Where DuoKey fits, and where it does not yet
- Which KMS for which buyer
- FAQ
- Conclusion
- References
What a KMS does and what it does not
A key management system (KMS) manages the lifecycle and access policy of cryptographic keys (generation, use, rotation, revocation, destruction) and exposes cryptographic operations to applications through APIs and standard protocols. It is the policy and audit layer. A hardware security module (HSM) is different: it is a tamper-resistant device that stores keys and executes cryptographic operations inside a hardware boundary. Most enterprise designs use both, so "KMS vs HSM" is a question of who runs which function, not a choice of one.
The market splits into five families:
- Cloud provider KMS. Native, cheap and well integrated, but the provider holds the key next to your data.
- HSM-centric key platforms. A KMS layer on top of certified hardware, typically sold with appliances (Thales, Entrust, Utimaco) or as a platform (Fortanix).
- Source-available or open-source KMS. You run the software (Cosmian KMS is an example).
- Secrets and vault software. Built for application secrets first; see our OpenBao and DuoKey guide.
- MPC-based KMS. The key is split into shares and never assembled in one place (DuoKey).
For the full background, read our enterprise key management guide, which covers the NIST SP 800-57 lifecycle, PKCS#11, KMIP and FIPS 140-3.
The vocabulary: DKE, HYOK, XKS, EKM and BYOK
Search results mix these acronyms, and vendors use them loosely. In this guide:
| Term | Meaning | Who holds the key in use |
|---|---|---|
| BYOK (bring your own key) | You generate or import a key into the provider's service. | The provider's KMS or HSM holds a usable copy. |
| HYOK (hold your own key) | The key never leaves your control; the provider calls out to it. | You, outside the provider. |
| DKE (Double Key Encryption) | Microsoft 365 HYOK pattern: content needs a Microsoft key and a key you hold. | You hold the second key; Microsoft never has it. |
| XKS (External Key Store) | AWS KMS feature where key operations run on an external key manager through a proxy. | The external key manager you own. |
| EKM (external key manager / management) | Generic name for the same idea: SQL Server EKM, Azure Managed HSM EKM proxy, OpenAI Enterprise Key Management. | The external key manager. |
Our HYOK guide and the BYOK explainer go through each platform. The practical consequence for buyers: if you need HYOK, your KMS must be reachable by the provider's external-key API and must stay available, because AWS, Microsoft and others make the availability of key operations your responsibility.
How to choose the best key management solution: eight criteria
- Custody model. Who can technically use or export a complete key: you, the vendor, the cloud provider? This is the first filter, because it decides what a subpoena, an insider or a breach can reach.
- Integrations you use today. Count the platforms you need in the next 12 months (Microsoft 365, AWS, Azure, Salesforce, Snowflake, Oracle, SQL Server, VMware, Kubernetes) and check each against the vendor's documentation, not the roadmap.
- Standard interfaces. PKCS#11 for applications and databases, KMIP for storage and virtualisation. Ask which KMIP operations are implemented and which PKCS#11 functions are covered.
- Lifecycle and rotation. Explicit key states, scheduled rotation, and old key versions that keep decrypting existing data.
- Access control and governance. Fine-grained roles, quorum approval for destructive actions, contextual rules (IP, country, time) on key use.
- Audit and monitoring. SIEM export, a tamper-evident log, health dashboards, and SNMP if your operations team depends on it.
- Availability and exit. High availability, multi-site design, backup and recovery, and a documented way to export keys in standard formats if you leave.
- Operating model and sovereignty. Vendor-hosted or self-hosted, where it runs, which jurisdiction applies, and which certifications (ISO/IEC 27001, SOC 2, FIPS 140-3 on the module) back it.
If you are drafting a procurement document, our KMS RFP template and checklist turns these criteria into requirements with evidence to request and a scoring model.
HSM vs MPC: where the key lives
An HSM keeps the complete key inside one tamper-resistant boundary. That is a strong, well-understood model with mature certification (FIPS 140-3 Level 3, Common Criteria), and for some mandates it is the required one. It is also a single point of trust: whoever controls the device, its administrators or its partition credentials controls the key.
Multi-party computation (MPC) splits the key into shares held by independent nodes and computes operations jointly, so the whole key is never assembled. Compromising one node, operator or cloud account yields a share, not a key. The trade-offs are real: threshold signing adds network round trips, so latency is higher than a local HSM call, and not every certification mandate accepts a software-defined boundary.
The pragmatic answer in many estates is both: HSM-backed vaults where a validated hardware boundary is mandated, MPC where distributed custody and sovereignty matter. Our MPC vs HSM comparison goes deeper on latency, cost and compliance.
Best KMS comparison: six vendors, sourced
The table below summarises the comparison data behind our DuoKey vs Thales, Entrust, Fortanix, Utimaco and Cosmian pages. It selects 16 of the 33 criteria. Legend: Yes documented; Partial documented with limits; No documented as not available; Not found not found in public documentation.
| Criterion | DuoKey | Thales | Entrust | Fortanix | Utimaco | Cosmian |
|---|---|---|---|---|---|---|
| 24/7 support with SLA response times | Yes | Yes | Partial | Yes | Yes | Not found |
| Free evaluation or trial | Yes (30-day PoC) | Yes (90-day) | Yes (30-day) | Yes (30-day) | Partial | Partial |
| Decrypt authorised by Entra ID groups | Yes | Yes | Partial | Partial | No | Partial |
| Quorum (four-eyes) approval | Yes | Yes | Partial | Yes | Partial | Partial |
| Contextual access (IP, country, time) | Yes | Not found | Not found | Partial (IP) | Not found | Not found |
| Audit logs exported to a SIEM | Yes | Yes | Yes | Yes | Partial | Yes |
| Tamper-evident audit log | Yes | Partial | Not found | Not found | Not found | Partial |
| SNMP monitoring | Yes (traps) | Yes | Yes | Partial | Yes | Not found |
| Scheduled key rotation | Yes | Yes | Yes | Yes | Not found | Partial |
| High-availability cluster | Yes | Yes | Yes | Yes | Partial | Yes |
| Multi-site or geo-redundant deployment | Yes | Partial | Yes | Yes | Partial | Not found |
| Vendor-hosted service (SaaS) | Yes | Yes | Partial | Partial | Partial | Not found |
| FIPS 140 Level 3 key storage | Yes (with HSM backend) | Yes | Yes | Partial | Yes | Partial |
| Key never assembled in one place (MPC) | Yes (MPC backend) | Not found | Not found | Not found | No | Not found |
| Key export in standard formats | Yes (exportable keys) | Yes | Not found | Yes | Partial | Yes |
| Vendor ISO/IEC 27001 certified | Yes | Yes | Yes | Yes | Yes | Not found |
Three cautions when reading it. First, the criteria come from a Microsoft 365 DKE and key management RFP, so they under-represent areas such as payment HSMs, tokenisation or broad database coverage. Second, a "Yes" says a capability is documented, not that it fits your design; run a proof of concept. Third, "Not found" reflects our review of public documentation in October 2026 and may be out of date, so vendors are welcome to correct us.
Where each vendor is strongest
Thales (CipherTrust Cloud Key Manager, Luna). The most complete public documentation on this list for classic enterprise key management: 24/7 support with one-hour critical response, quorum on delete, backup and restore, SNMP (v1, v2c, v3), scheduled rotation per DKE endpoint, standard key export (PKCS#1, #8, #12 and KMIP), Luna HSMs at FIPS 140-3 Level 3, a 90-day trial and a hosted edition in the EU or US. If you already run CipherTrust for other workloads, consolidating there is a reasonable choice.
Entrust (KeyControl Vault with nShield). Strong where you are standardised on nShield HSMs: FIPS 140-2 Level 3, an active-active cluster across two sites, automatic backups every 12 hours, SNMP v2c and v3, SIEM export to Sentinel, scheduled rotation (yearly, six months, 30 days or custom) and a 30-day trial. Its public guide does not state what happens to documents protected with earlier key versions, and the Azure app registration is manual.
Fortanix (Data Security Manager). A strong platform for organisations that want SaaS or on-premises key management with broad interfaces: 24/7 support with a 30-minute P1 response on Premium, SAML, OIDC and LDAP sign-in with a mandatory 2FA option, custom roles, group quorum policy, SIEM export, a usage dashboard, scheduled rotation, three data centres per SaaS region, and KMIP and PKCS#11. Its DKE web service is run by the customer, and the SaaS offering runs in non-FIPS mode per its documentation.
Utimaco (CryptoServer HSM, DKE Anchor). The hardware pedigree: FIPS 140-2 Level 3 and Common Criteria certified HSMs, German VS-NfD approval, SNMP-based remote diagnosis and 24/7 premium support. Its DKE software is installed and run by the customer, with local log files and per-user permissions by email, so it is best suited to organisations that already operate Utimaco HSMs.
Cosmian (Eviden KMS). A source-available KMS you run yourself, with KMIP, standard export formats (KMIP, PKCS#8, PKCS#1), horizontal scaling and SIEM export. Support is documented only through GitHub Issues, and the DKE page limits support to Office for Windows. It suits teams that want to self-operate a European KMS.
Where DuoKey fits, and where it does not yet
DuoKey is a Swiss key management platform built on multi-party computation. Keys are split across independent shards so that no cloud provider, operator or compromised host holds a complete key, and vaults can also be backed by an HSM (for example Securosys) where FIPS-validated hardware custody is required. DuoKey Cockpit manages these vaults from one console and API.
Where the documentation shows DuoKey ahead of the others on the DKE criteria:
- Key never assembled in one place (MPC backend): the only vendor in this comparison for which we found it documented.
- Contextual decrypt rules (IP range, country, time of day) with Block rules that override allows.
- Tamper-evident audit records: HMAC-SHA256 per record plus a SHA-256 chain.
- Automatic Entra ID app registration through Microsoft Graph, where the others document manual portal steps.
- Quorum (M-of-N) approval on key and vault deletion and vault rotation, and a rotation that does not require a new Purview label.
Where DuoKey does not lead, or the documentation is thinner:
- Key export is opt-in. Keys are not exportable by default. Exit paths (PKCS#8, PKCS#12, RSA-AES wrap, KMIP) apply to keys created as exportable, under permission, quorum and audit controls. A key created as non-exportable cannot leave the platform, which is the point, but it shapes your exit plan: decide at creation time which keys need an exit path.
- KMIP and PKCS#11 are subsets. The KMIP 2.1 server documents operations it does not implement (CreateKeyPair, DeriveKey, Certify, Sign and SignatureVerify, MAC and MACVerify, attribute mutation), and the PKCS#11 library documents unsupported multi-part functions. Check your client's needs against the KMIP and PKCS#11 coverage pages.
- SNMP and rotation scope. SNMP is notification-only: DuoKey sends v2c and v3 traps and informs, has no SNMP agent to poll, and exposes metrics through Prometheus. Scheduled rotation covers DKE keys; other integrations rotate as their own documentation describes.
- Hardware certification is delegated. FIPS 140 Level 3 applies with an HSM backend; the MPC backend does not claim a hardware validation.
- Scale of hardware ecosystem. Thales, Entrust and Utimaco bring their own certified HSM lines. DuoKey integrates HSMs rather than selling a proprietary one.
The integrations DuoKey documents include Microsoft 365 DKE and Customer Key, AWS XKS, Azure Managed HSM EKM proxy, Salesforce, Snowflake Tri-Secret Secure, Oracle TDE, SQL Server EKM, OpenBao and HashiCorp Vault, disk and VM encryption over KMIP, and OpenAI EKM. The full list is on the integrations page. DuoKey operates under ISO 27001, SOC 2 and TISAX AL3.
Which KMS for which buyer
| Your situation | Strongest fit |
|---|---|
| You already run Thales CipherTrust or Luna HSMs | Thales |
| You are standardised on nShield and KeyControl | Entrust |
| You want a SaaS or on-premises key platform with broad interfaces and custom RBAC | Fortanix |
| You need VS-NfD-approved or Common Criteria HSM hardware, or already run Utimaco | Utimaco |
| You want to self-operate a source-available European KMS | Cosmian |
| You want no complete key in any one place, Swiss jurisdiction, and HYOK for Microsoft 365, AWS and SaaS | DuoKey |
| All your workloads are in one cloud and the provider holding the key is acceptable | Cloud provider KMS |
| You need both a certified hardware boundary and distributed custody | Hybrid: HSM-backed vaults plus MPC |
Whatever the shortlist, test it in a pilot on your own workload. For Microsoft 365, our six DKE evaluation criteria are a practical checklist.
FAQ
Q: What is the best KMS in 2026?
There is no universal best. The best KMS depends on your custody model, the platforms that must call it and who operates it. Thales, Entrust, Fortanix and Utimaco are strong where an HSM-centric platform is wanted; Cosmian suits self-operated source-available deployments; DuoKey fits buyers who want MPC custody and external keys for Microsoft 365, AWS and SaaS. Shortlist two or three and run a proof of concept.
Q: What is the difference between a KMS and an HSM?
A KMS manages key lifecycle, policy and access across systems and exposes cryptographic services through APIs. An HSM is a tamper-resistant device that stores keys and performs cryptographic operations inside a hardware boundary. Many KMS products use an HSM as the key store, so the two are complementary.
Q: How does a cloud provider KMS compare with an independent key management solution?
A cloud provider KMS is simple and tightly integrated, but the provider holds the key next to your data. An independent KMS keeps the key outside the provider, which supports HYOK, multi-cloud consistency and a single audit trail, at the price of more integration work and responsibility for availability.
Q: What are DKE, HYOK, XKS and EKM?
HYOK means you hold the key and the provider calls out to it. DKE is Microsoft 365's HYOK pattern, XKS is AWS KMS External Key Store, and EKM is the generic term for an external key manager, such as SQL Server EKM. BYOK is different: you import a key into the provider's service, which then holds a usable copy.
Q: Is MPC key management better than an HSM?
Neither is better in general. An HSM offers a certified hardware boundary and very low latency. MPC removes the single point of trust and suits multi-cloud and sovereignty needs, with higher latency per operation. Many organisations combine HSM-backed vaults with MPC.
Q: What should I ask a KMS vendor before buying?
Ask who can use or export a complete key, which integrations are documented today, which KMIP operations and PKCS#11 functions are implemented, how rotation works for old data, how audit logs are protected and exported, and what the exit path is. Our KMS RFP template lists the requirements and the evidence to request.
Q: Does DuoKey support SNMP monitoring or scheduled rotation?
Yes, with limits. DuoKey sends SNMP v2c and v3 traps and informs to your monitoring system; there is no SNMP agent to poll, so metrics are scraped through Prometheus. Scheduled rotation (30 days, six months, yearly or custom) is available for DKE keys and still waits for quorum approval where the key requires it.
Q: Is FIPS 140-2 still acceptable for a new purchase?
NIST's validation programme moves FIPS 140-2 certificates to the Historical list after 21 September 2026, so new procurements should ask for FIPS 140-3 on any hardware backend and check the certificate number on the CMVP site.
Conclusion
Choosing the best KMS in 2026 starts with custody, not features: decide who may ever hold a complete key, then list the platforms that must call your key service, then compare operating models. HSM-centric vendors lead on hardware certification and the maturity of their classic enterprise documentation. DuoKey leads on documented MPC custody, contextual access, tamper-evident audit and managed operation, and trails where the sections above say so.
- Write down your custody requirement (no vendor access, no single holder, hardware boundary)
- List integrations you need in the next 12 months and verify each in documentation
- Check KMIP and PKCS#11 coverage against your actual clients
- Ask for FIPS 140-3 certificate numbers for any hardware backend
- Test rotation, quorum approval and recovery in a proof of concept
- Turn the shortlist into a scored RFP with the KMS RFP template
To compare DuoKey with a specific vendor, use the comparison pages or the Microsoft 365 DKE providers overview.
References
- NIST SP 800-57 Part 1 Rev. 5, Recommendation for Key Management
- NIST Cryptographic Module Validation Program
- OASIS KMIP Specification Version 2.1
- OASIS PKCS #11 Specification Version 3.2
- AWS KMS Developer Guide: External key stores
- DuoKey: key policies and quorum approvals
- DuoKey: key export in standard formats
- DuoKey: DKE key rotation
- Thales CipherTrust Manager documentation: SNMP
- Thales: Double Key Encryption
- Entrust nShield: Microsoft DKE with KeyControl integration guide
- Fortanix: DSM with Double Key Encryption for Microsoft 365
- Utimaco: Double Key Encryption
- Cosmian KMS documentation
Written by
DuoKey Team
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