56bit cypher Vs 128bit Cypher (Online banks)

[Tezdread]

Hi, I was informed by a bank that they have the highest lever of security and they boast 128bit encryption.

I logged into their secure area (where transactions can be done) using Internet Exploer 5 with 56 bit cypher. Does this mean that they are not using the highest security? or is this just something in the browser?

I remember reading that the jump from 56bit to 128bit when referring to cracking the code is a lot more than doubled, so for example if 56bit would give 1000 combinations 128bit would give 75,000 combination and thus be a lot harder to crack. If anyone know where I can read something more on this could you post the addy for me?

Thank you.
PS Don't assk what bank it is

 

[bjverzal]

http://content.techweb.com/wire/news/1997/10/1023encrypt.html

http://www.eff.org/descracker/

Regards, Bill.

 

[johnhoke]

ALot also has to do with what version of encryption your browser supports... you can see this usually in the Help -> About dialog...

if your browser only supports 56bit encryption, and the bank supports 128, it will usually "downgrade" itself so that you can work ...
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John Hoke
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[chiph]

Like John says, when you connect to the bank, your browser and their server negotiate the highest level of encryption supported by both of you. In this case, your browser's level of 56-bit is the limiting factor. See if you can download the 128-bit high-encryption pack from Microsoft (subject to export restrictions, etc).

Chip H.

 

[Tezdread]

Thanks guys it's a complicated subject.

I have upgraded by browser and the cipher strength. Is it not worrying that someone can connect to a online bank with only 56bit cipher?

I can't help but feel that it might be a security risk. Couldn't someone intercept the data when it is sent from my computer to there server? I guess that it wouldn't be easy but wouldn't "hackers" be monitoring these online banks for this purpose?