The company I work at, just had a need for encryption to be utilized. What would be the best practice for taking care of this key, during its lifecycle? Where should I keep it?
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That is an overly broad question.
For keys associated with TLS certificates used for transport encryption : if you lose them you can simply create new keys, request replacement certificates and nothing is lost.
For keys associated with encryption of data at rest: you lose the keys and you will lose access to your data. That is especially painful if your backups also only contain the encrypted data files.
Depending on how frequently you rotate your keys:
classic but still very robust against most attacks and threats against digital data : the old fashioned safe where your company also (used to) store cash and other valuables. When it is rated for data carriers a CD / thumb drive is quite safe there
Bob
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