1. A computing system comprising: a host computing device comprising a hardware interconnect interface, one or more processors, and host memory; an offload device operably coupled to the host computing device via the hardware interconnect interface, the offload device comprising: a security component comprising a processor and memory, the memory storing a private key and a corresponding public key, wherein data encrypted with the public key can be decrypted using the private key, wherein the private key is inaccessible for extraction by other computing devices, wherein the security component is configured to perform a measurement of at least booting environment code for the offload device to gain access to the private key; an offload device processor and memory storing computer readable instructions, wherein the offload device processor is configured to execute the instructions that configure offload device to: establish a secure communication link to a key management service, wherein the key management service is located remotely relative to the host computing device and the offload device; authenticate, via the secure communication link, to the key management service using the private key; receive a key material from the key management service using the secure communication link; store the key material in memory of the security component; use the key material to generate a symmetric key; and encrypt input/output operations to a storage service hosting a volume for a virtual machine running on the host computing device using the symmetric key, wherein the storage service is located remotely relative to the host computing device and the offload device.