DATA ENCRYPTION
Protect customer data at-rest and in-transit in a way that allows customers to meet their security and compliance requirements for cryptographic algorithms and key management The Oracle Cloud Infrastructure Block Volume service always encrypts all block volumes, boot volumes, and volume backups at rest by using the Advanced Encryption Standard (AES) algorithm with 256-bit encryption. By default all volumes and their backups are encrypted using the Oracle-provided encryption keys. Each time a volume is cloned or restored from a backup the volume is assigned a new unique encryption key.
The File Storage service encrypts all file system and snapshot data at rest. By default all file systems are encrypted using Oracle-managed encryption keys. You have the option to encrypt all of your file systems using the keys that you own and manage using the Vault service.
Object Storage employs 256-bit Advanced Encryption Standard (AES-256) to encrypt object data on the server. Each object is encrypted with its own data encryption key. Data encryption keys are always encrypted with a master encryption key that is assigned to the bucket. Encryption is enabled by default and cannot be turned off. By default, Oracle manages the master encryption key.
Reference:
https://docs.cloud.oracle.com/en-us/iaas/Content/Block/Concepts/overview.htm
https://docs.cloud.oracle.com/en-us/iaas/Content/Object/Concepts/objectstorageoverview.htm
https://docs.cloud.oracle.com/en-us/iaas/Content/File/Concepts/filestorageoverview.htm Oracle Cloud Infrastructure Key Management is a managed service that enables you to encrypt your data using keys that you control.
IAM, Autoscaling and functions cannot be used with Key Management and hence are incorrect options.

Oracle Cloud Infrastructure Archive Storage is the lowest pricing for storage (per GB) Reference:
https://www.oracle.com/cloud/storage/pricing.html

Archive storage as seen above is the cheapest!

Oracle Data Safe is a unified control center for your Oracle databases which helps you understand the sensitivity of your data, evaluate risks to data, mask sensitive data, implement and monitor security controls, assess user security, monitor user activity, and address data security compliance requirements.
Whether you're using an Autonomous Database or an Oracle DB system, Oracle Data Safe delivers essential data security capabilities as a service on Oracle Cloud Infrastructure.

Oracle Functions is a fully managed, multi-tenant, highly scalable, on-demand, Functions-as-a-Service platform. It is built on enterprise-grade Oracle Cloud Infrastructure and powered by the Fn Project open source engine. Use Oracle Functions (sometimes abbreviated to just Functions) when you want to focus on writing code to meet business needs.
The serverless and elastic architecture of Oracle Functions means there's no infrastructure administration or software administration for you to perform. You don't provision or maintain compute instances, and operating system software patches and upgrades are applied automatically. Oracle Functions simply ensures your app is highly-available, scalable, secure, and monitored. With Oracle Functions, you can write code in Java, Python, Node, Go, and Ruby (and for advanced use cases, bring your own Dockerfile, and Graal VM). You can then deploy your code, call it directly or trigger it in response to events, and get billed only for the resources consumed during the execution.