A financial institution utilizes a key management service to enhance the security of its data-at-rest within cloud storage services. They aim to adhere to a stringent security protocol that requires the automatic renewal of encryption materials. Which approach can the institution implement to fulfill this requirement without altering the existing key identifiers or metadata?
Establishing a manual process where the keys are only updated in response to a security incident.
Enabling automatic renewal for the encryption keys through the service's management console or API.
Creating a new key manually every five years while disabling the old one.
Delegating the renewal process until the key reaches its designated expiration period.