What process involves the generation, storage, and application of keys according to a security policy?

The correct answer is B, Key Management, as it specifically refers to the systematic process of generating, storing, and handling encryption keys throughout their lifecycle. This encompasses not just the creation of the keys but also their secure storage, distribution, application, and eventual retirement or destruction when they are no longer needed. Effective key management is critical to establishing a robust security posture because the security of encrypted data directly hinges on the appropriate management of keys.

While Data Encryption deals with the actual process of converting plaintext data into ciphered text using keys, it does not encompass the broader responsibilities related to key lifecycle management. Cryptography is the overarching field that includes various methods and techniques for securing information, but it is too broad to focus solely on the management aspect of keys. Access Control, on the other hand, pertains to the policies and mechanisms that dictate who can or cannot access certain resources, rather than the specific process of managing encryption keys. Thus, Key Management is the most fitting answer as it captures the comprehensive nature of key handling within security policies.