Duncan Campbell sends along with permission of Andrew:

Additional comment from Andrew D. Fernandes of Cryptonym 
Corporation  (who discovered the NSA_KEY) on the MS/Campbell
exchange on the NSA_KEY <http://cryptome.org/nsakey-ms-dc.htm>:


Microsoft's insistence that the second key is there for backup 
purposes is not a satisfying explanation for a number of reasons. 
The reason that the arguments are not satisfying is clear if you 
have experience using dedicated tamper-resistant crypto-boxes.

A dedicated crypto-box internally generates a key pair, exports 
the public key, and then digitally signs designated input whenever 
properly prompted. These boxes are specifically designed to 
NEVER export the private key as plaintext. Furthermore, these 
boxes are designed to destroy their private key if the box detects 
any attempted physical tampering.

The danger with a crypto-box is not only the potential compromise 
of the private key. An almost as great danger is the loss of the 
private key! Consider that a disgruntled employee could destroy 
the private key by merely hitting the crypto-box, sticking a paperclip 
into an input port, or dropping an ice cube on the box... (no, I'm not 
making up the ice cube part - these boxes are usually temperature 
sensitive). What you would have is a very ready denial-of-service 
attack.

Therefore, almost universally, crypto-boxes allow the export of the 
private key in encrypted format. A good crypto-box will even use 
advanced cryptographic techniques called "secret splitting" to split 
the encrypted key into several different parts - one part for each 
senior manager. That way, if the crypto-box is lost or destroyed, a 
new crypto-box can be quickly initialized and utilized.

It is possible that Microsoft's CSP team has a crypto-box that will not 
export the private key even if it is in encrypted or secret-split format. 
If that is true, it would be natural to assume a second backup key 
would be necessary. However, look at this scenario in terms of 
"failure analysis", where the security of the CSP scheme fails if a 
signing key is lost.

There are two signing keys that can load a CSP. If the first key is 
lost, Microsoft could rely on using the second key. If the second 
key is lost, then Microsoft is out of luck, and must patch or upgrade 
every copy of Windows in the world, as well as every CSP it has 
ever signed, all because they did not buy a crypto-box capable 
of data recovery.

Call me draconian, but given the extraordinarily high level of 
cryptographic expertise that Microsoft employs, I would fire the 
design team that presented a CSP signing system based on a 
single backup, rather than data recovery.

So it is rather strange that the CSP signing key (labeled "_KEY") 
has backup key at all... even more strange that it would be labeled 
"_NSAKEY".

In fact, there is no specific requirement in the BXA's EAR that 
backup keys exist.   That document draws heavily on the 
Wassenaar Arrangement on the export of dual-use goods 
(http://www.wassenaar.org/) for its wording and substance.

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