AES stands for Advanced Encryption Standard. It is a specification for the encryption of electronic data. It was first implied by US government. Today its is used to secure the top-secret government documents to online banking transactions. Recently cryptographers have discovered a way to break this encryption. The technique was revealed in Crypto 2011 cryptology conference in Santa Barbara, California.
The research is the combine work of Mr. Andrey Bogdanov of Katholieke Universiteit Leuven,Mr. Dmitry Khovratovich of Microsoft and Mr. Christian Rechberger of Ecole Normale Superieure.In this technique, the attacker is allowed to recover AES secret keys up to five times faster than previously possible. It introduces a tact known as biclique cryptanalysis to remove about two bits from 128-, 192-, and 256-bit keys. This research is groundbreaking as it is the first method of breaking single-key AES that is faster than brute force. The whole research paper can be read here.