New Attacks Crack Basic Wi-Fi Encryption in 60 Seconds
Posted 08/28/09 at 09:49:50 AM by Paul Lilly
In exactly the same time it takes to cook a batch of minute-rice, computer scientists in Japan claim to have developed a way to crack WPA encryption just as fast.
Security researchers first showed how WPA could be broken last November. The earlier attack worked on a smaller range of WPA devices and took about 12 to 15 minutes to work its mojo. But the Japanese researchers have taken the attack to a new level, according to Dragos Ruiu, organizer of the PacSec security conference where the first WPA hack was demonstrated.
"They took this stuff which was fairly theoretical and they've made it much more practical," Ruiu said.
Both attacks are limited to WPA system using the Temporal Key Integrity Protocol (TIKP) algorithm, which means if you use a newer WAP2 device or a WPA system based on the Advanced Encryption Standerd (AES) algorithm, you're in the clear. At least for now.

From what I know
Submitted by Taz0 on Fri, 08/28/2009 - 10:42pm
From what I know, the previous method of cracking WPA is by capturing a WPA handshake (a small amount of data), then doing a brute-force attack on it offline, using GPUs to accelerate the massively parallel calculations. Basically the computational power of your machine is the bottleneck, compared to WEP cracking where only the amount of captured packets is the bottleneck (the computation is negligible on modern computers).
If this new method removes the bottleneck off the computational side, then this IS major.
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