System and Methods For Encrypting Data

A computer-implemented method for storing sensitive data, as carried out by a computer processor, the method comprising the steps of:

• receiving sensitive data to be stored;
• issuing a token that provides reference to said sensitive data;
• implementing a key manager in a memory on an at least one computing device, said key manager configured for creating and managing an at least one encryption key to be used in combination with said token for encrypting the data;
• implementing an at least one key file in said memory on the at least one computing device, said key file associated with an at least one authorized user and containing a key field comprising a pseudo random string of bytes;
• constructing a set of base characters that are randomly selected by the computer processor performing a key extraction algorithm from the key field, the set of base characters being a subset of the key field with at least one such randomly selected character from the key field being non-contiguous with at least one other such randomly selected character from the key field;
• generating the encryption key by inputting the base characters into an encryption algorithm;
• encrypting the data using the encryption key;
• and
• issuing said token to users to provide access to the referenced sensitive data.