Bart Preneel, Professor, Katholieke Universiteit Leuven. Within 25 years, cryptography has evolved from an expensive technology for a few selective users towards a mass product with more than 30 billion deployments. However, the protection offered by cryptography is not always aligned with the interests of users or governments. It has become apparent that ever more sophisticated attacks are launched to undermine or bypass cryptography: these attacks include compromising end systems, exploiting vulnerabilities in key management procedures, and inserting backdoors in cryptographic standards. We conclude by analyzing how these new threat models affect future research in cryptology and information security.