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CompTIA Security+ study material · question 265 of 611
NIST suggests an additional keyed operation over the stored password hash. Where should that secret key live?
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Answer: D. Separately from the hashes, in a hardware security module or trusted execution environment
If the key is stolen with the database the extra step adds nothing; separation is what makes brute force impractical.
Source: NIST SP 800-63B Rev. 4 (NIST) — SP 800-63B-4 § 3.1.1.2