IDEAS home Printed from https://ideas.repec.org/a/ime/imemes/v25y2007i1p129-164.html
   My bibliography  Save this article

Year 2010 Issues on Cryptographic Algorithms

Author

Listed:
  • Masashi Une

    (Institute for Monetary and Economic Studies, Bank of Japan (currently, Research Center for Information Security, National Institute of Advanced Industrial Science and Technology) (E-mail: masashi-une@aist.go.jp))

  • Masayuki Kanda

    (NTT Information Sharing Platform Laboratories (E -mail: kanda.masayuki@lab.ntt.co.jp))

Abstract

In the financial sector, cryptographic algorithms are used as fundamental techniques for assuring confidentiality and integrity of data used in financial transactions and for authenticating entities involved in the transactions. Currently, the most widely used algorithms appear to be two-key triple DES and RC4 for symmetric ciphers, RSA with a 1024-bit key for an asymmetric cipher and a digital signature, and SHA-1 for a hash function according to international standards and guidelines related to the financial transactions. However, according to academic papers and reports regarding the security evaluation for such algorithms, it is difficult to ensure enough security by using the algorithms for a long time period, such as 10 or 15 years, due to advances in cryptanalysis techniques, improvement of computing power, and so on. To enhance the transition to more secure ones, National Institute of Standards and Technology (NIST) of the United States describes in various guidelines that NIST will no longer approve two-key triple DES, RSA with a 1024-bit key, and SHA-1 as the algorithms suitable for IT systems of the U.S. Federal Government after 2010. It is an important issue how to advance the transition of the algorithms in the financial sector. This paper refers to issues regarding the transition as Year 2010 issues in cryptographic algorithms. To successfully complete the transition by 2010, the deadline set by NIST, it is necessary for financial institutions to begin discussing the issues at the earliest possible date. This paper summarizes security evaluation results of the current algorithms, and describes Year 2010 issues, their impact on the financial industry, and the transition plan announced by NIST. This paper also shows several points to be discussed when dealing with Year 2010 issues.

Suggested Citation

  • Masashi Une & Masayuki Kanda, 2007. "Year 2010 Issues on Cryptographic Algorithms," Monetary and Economic Studies, Institute for Monetary and Economic Studies, Bank of Japan, vol. 25(1), pages 129-164, March.
  • Handle: RePEc:ime:imemes:v:25:y:2007:i:1:p:129-164
    as

    Download full text from publisher

    File URL: http://www.imes.boj.or.jp/research/papers/english/me25-1-6.pdf
    Download Restriction: no

    More about this item

    Keywords

    Cryptographic algorithm; Symmetric cipher; Asymmetric cipher; Security; Year 2010 issues; Hash function;

    JEL classification:

    • L86 - Industrial Organization - - Industry Studies: Services - - - Information and Internet Services; Computer Software
    • L96 - Industrial Organization - - Industry Studies: Transportation and Utilities - - - Telecommunications
    • Z00 - Other Special Topics - - General - - - General

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:ime:imemes:v:25:y:2007:i:1:p:129-164. See general information about how to correct material in RePEc.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Kinken). General contact details of provider: http://edirc.repec.org/data/imegvjp.html .

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service hosted by the Research Division of the Federal Reserve Bank of St. Louis . RePEc uses bibliographic data supplied by the respective publishers.