Should key rotation be replaced with key monitoring?

Periodically rotating security keys, such as AWS access keys and OAuth client secrets, has long been regarded as a best practice to reduce the impact of compromised keys. It's not hard to rotate a few keys. But to rotate hundreds of keys every year could mean a tremendous amount of work and significant risk in causing production outage, even though those keys are probably perfectly safe.
Assuming there is a way to continuously monitor the use of the keys and …

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