Steve Gibson explained it pretty well on the latest Security Now.

On Thu, Jun 21, 2012 at 7:38 AM, Ben Scott <[email protected]> wrote:

> On Thu, Jun 21, 2012 at 9:55 AM, David Lum <[email protected]> wrote:
> >
> http://news.cnet.com/8301-1009_3-57457470-83/code-crackers-break-923-bit-encryption-record/?tag=txt;title
>
>  Article has little real info and is factually incorrect on important
> aspects.  Press release from Fujitsu is somewhat better:
>
> http://www.fujitsu.com/global/news/pr/archives/month/2012/20120618-01.html
>
>  Fujitsu didn't use pairing-based crypto to break something else,
> they *attacked PBC* using new methods.  I'm not familiar with PBC so I
> don't know if it is actually being used as a "next generation"
> solution as Fujitsu asserts, or if it was more like a research
> project.  They also don't appear to publish any details on how the
> attack worked.  Some attacks are more easily mitigated then others, so
> this could mean anything from "PBC is completely useless" to "don't do
> this stupid thing to begin with, and you'll be fine".
>
>  Crypto is an especially difficult subject for the tech press to
> report on, as it's fiendishly complicated by design, and bad analysis
> tends to be just as incomprehensible as good analysis.
>
> -- Ben
>
> ~ Finally, powerful endpoint security that ISN'T a resource hog! ~
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