NODE 1dc3215cRe: Banks and Crypto - Again
Andrew Loewenstern <andrew_loewenstern@il.us.swissbank.com>Fri, 28 Jul 95 08:00:11 PDT
> Critics say that the longer DES is used, the more likely its code
> could be broken. While realizing this could limit its life span
> as a government certified standard, ABA warned that requiring banks
> to convert to a new standard by 1998 (the year DES's certification
> expires) could be prohibitively costly due to the high level of
> electronic funds transfers secured by DES. ABA therefore encouraged
> the National Institute for Standards and Technology (NIST) to
> continue to endorse DES as a Federal Information Processing Standard
> (FIPS) for use by the financial community.
"Breaking DES keys in a reasonable amount of time could be prohibitively
costly for Banks due to the high level of electronic funds transfers secured
by DES."
andrew