Definition: The phrase, Private Key, is associated with an encryption method that provides for security of highly sensitive online communications and electronic commerce. Only the individual and the intended recipient of the communication know the secret code. The secret may be used in combination with a public encryption code. Using the two in conjunction with one another enhances the protection scheme. The term is also used to describe the confidential portion of the RSA encryption scheme. There are expressed as standard format that are set for the code.
Its Relevance: Owners of information systems should address how the public encryption scheme is to be used by the organization. The confidential code portion should ideally be used with a public counterpart thus making a pair. PKI encryption (password pairs) should be included in the organization’s information security policies.