Really? I must have dozed off or something for the past 3 years. I
use 256-bit Blowfish encryption, for symmetric encryption, and
2048-bit Diffie-Hellman for public key just because I can. For
symmetric key encryption (one key used) we are not going need go too
much further than 128-bit very soon. As long as adequate algorithms
such as factoring large primes ala RSA are used (called "hard
problems") by mathemeticians, you have to resort to brute force
cracking; i.e., trying all possible combinations that the key might be
composed of.
According to testimony in 1997 by William Crowell, Deputy director of
the NSA, if all 260 million computers in the world (at that time) were
applied to brute force 128-bit single key decryption, it would take an
estimated 12 million times the age of the universe to break it.
Admittedly, that was 6 years ago. The authors of the paper also
stated, based on Moore's law of processing power doubling every 18
months, in 84 years we'd have that key broken in only a year's time.
Here's the link for that reference:
http://www.cs.georgetown.edu/~denning/crypto/oc-rpt.txt
Cryptography, breaking keys & codes, will be the killer app for
quantum computing. A capable quantum computer probably won't be ready
for a few decades yet. George Johnson in his new book "A Shortcut in
Time: The Path to a Quantum Computer" stated that the conventional
computing power required to equal a quantum computer based on a single
molecule of 64 atoms would require covering a surface area (land and
water both) of 5,000 Earths with computers.