The U.S. government’s standards clearinghouse for science and technology says that an encryption standard it established in 2001 has had an economic impact of a quarter of a trillion dollars over the years, according to a report released Wednesday. The National Institute of Standards and Technology set out in 1997 to find a new encryption algorithm for use in the federal agencies to replace the Data Encryption Standard (DES), the government’s prevailing yet aging standard at the time. The result was the Advanced Encryption Standard (AES), an algorithm born of collaboration from the greater cryptography community. According to the report, commissioned by NIST and prepared by RM Advisory Services, AES has added more than $250 billion in value to the economy since it became available. AES is part of the Federal Information Processing Standards, which agencies across the government use to guide their information security and interoperability. The encryption standard is […]
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