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Concept
Key size
Summary
In cryptography, key size, key length, or key space refer to the number of bits in a key used by a cryptographic algorithm (such as a cipher).
Key length defines the upper-bound on an algorithm's security (i.e. a logarithmic measure of the fastest known attack against an algorithm), because the security of all algorithms can be violated by brute-force attacks. Ideally, the lower-bound on an algorithm's security is by design equal to the key length (that is, the algorithm's design does not detract from the degree of security inherent in the key length).
Most symmetric-key algorithms are designed to have security equal to their key length. However, after design, a new attack might be discovered. For instance, Triple DES was designed to have a 168-bit key, but an attack of complexity 2112 is now known (i.e. Triple DES now only has 112 bits of security, and of the 168 bits in the key the attack has rendered 56 'ineffective' towards security). Nevertheless, as long as the security (understood as "the amount of effort it would take to gain access") is sufficient for a particular application, then it does not matter if key length and security coincide. This is important for asymmetric-key algorithms, because no such algorithm is known to satisfy this property; elliptic curve cryptography comes the closest with an effective security of roughly half its key length.
Keys are used to control the operation of a cipher so that only the correct key can convert encrypted text (ciphertext) to plaintext. All commonly-used ciphers are based on publicly known algorithms or are open source and so it is only the difficulty of obtaining the key that determines security of the system, provided that there is no analytic attack (i.e. a "structural weakness" in the algorithms or protocols used), and assuming that the key is not otherwise available (such as via theft, extortion, or compromise of computer systems).
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