A system and method for enhancing the security of signal exchanges in a network system. The system and method include a process and means for generating one or more replacement encryption key sets based on information and events. The information that may cause the generation of a replacement encryption key set includes, but is not limited to, a specified period of time, the level and/or type of signal traffic, and the signal transmission protocol and the amount of data sent. A key manager function initiates the replacement encryption key process based on the information. The replacement encryption key set may be randomly or pseudo-randomly generated. Functions attached to the network system required to employ encryption key sets may have encryption key sets unique to them or shared with one or more other attached functions. The system and method may be employed in a wireless, wired, or mixed transmission medium environment.