When you are creating a backup job, you can do the following:
Use an existing key.
Create a new key.
To select an encryption key for a backup job
On the navigation bar, click the arrow next to Backup.
Click New Backup Job.
Select the data that you want to back up.
On the Properties pane, under Settings, click Network and Security.
In the Encryption type field, select the type of encryption you want to use.
In the Encryption key field, do one of the following:
To use an existing key
Select the key from the list.
To create a new key
Click the arrow, and then click <new encryption key>.
Process the backup job as normal.
More Information
Duplicating backed up data
Adding a duplicate backup template to a policy
Creating a synthetic backup by adding templates to a policy
Creating an encryption key