Cryptographer Adi Shamir, the 'S' in RSA, once said that "cryptography is bypassed, not penetrated". In the light of the Snowden revelations about the NSA, various people have proposed the use of crypto in order to evade NSA surveillance. From games consoles to smart phones, this talk looks at ten years of trying to secure things with crypto that ultimately failed, not through anyone bothering to break it but because it was much easier to just bypass it. The lesson from all of this is that you need to secure every part of the system and not just throw crypto at one bit and assume that you'll be safe
more here.........http://regmedia.co.uk/2014/05/16/0955_peter_gutmann.pdf
more here.........http://regmedia.co.uk/2014/05/16/0955_peter_gutmann.pdf