Earlier quoted context omitted.
I had a discussion once, back when I was wearing a crypto hat, which went like this: Me: "Yes triple-DES is reasonably secure, how do you exchange keys?" Them: "That is part of the connection setup." Me: "Great, how do you protect the keys during setup?" Them: "What do you mean?" Me: "What form of encryption do you use when you're doing the setup, and sending over the keys?" Them: "Well we really can't encrypt the se…
Trying to learn some more about crypto, what sort of answer would you be looking for? Would Diffie-Hellman be appropriate?
So the vendor who is thinking about it, would have told me about their public key system which is used in the initial transfer to protect the secrets. Then they would have described how they can upgrade and change keys over time as attackers gain the upper hand on various bit lengths, and how the elements of their system that depend on randomness, do so without being susceptible to a birthday attack or an algorithm attack on their PRNG.
When they do that, I know they've been thinking seriously about how such systems are built and deployed and there is some hope that doing the do diligence "deep dive" will show me a solid system.