FORMAL ANSWER

A key policy is an organisational measure aimed at controlling and recording access to premises and other physical safeguards where carriers — in both paper and electronic form — containing personal data are kept. In particular, it defines the procedure for issuing, storing and returning keys to premises or other physical safeguards opened with keys.

PRACTICAL ANSWER

A key policy is a set of procedures for handling keys and access cards to premises and cabinets where personal data are processed, in order to protect them from access by unauthorised persons.

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• More on physical safeguards in the article: How to secure a server room?