A system and method are provided for enabling a symmetric key to be derived, the method comprising: obtaining a plurality of key parts, wherein the plurality of key parts when combined equal the symmetric key; encrypting a first of the key parts using a first cryptographic algorithm to generate a first encrypted value; encrypting one or more remaining key parts of the plurality of key parts using respective cryptographic algorithms to generate one or more additional encrypted values, wherein each key part encrypted is encrypted using a different cryptographic algorithm; and providing the first encrypted value and the one or more additional encrypted values to an other entity to enable the other entity to derive the symmetric key.