Using asymmetric encryption to secure passwords

Question

Due to our customer\'s demands, user passwords must be kept in some \"readable\" form in order to allow accounts to be converted at a later date. Unfortunately, just saving hash

Answer 1

It seems safe enough in terms of what is online but have you given full consideration to the offline storage. How easy will it be for people within your company to get access to the private key? How would you know if someone within your company had accessed the private key? How easy would it be for the private key to be destroyed (e.g. is the safe fireproof/waterproof, will the printed key become illegible over time etc).

You need to look at things such as split knowledge, dual control, tamper evident envelopes etc. As a minimum I think you need to print out two strings of data which when or'd together create the private key and then have one in your office and one in your customers office,