In the "Security Now #446" podcast of 2014-03-11, Steve Gibson talks about iOS 7 security in general, and that of iCloud Keychain specifically.
Audio (mp3): http://media.GRC.com/sn/SN-446.mp3
Transcript (txt): https://www.grc.com/sn/sn-446.txt
Video: http://twit.tv/show/security-now/446
According to Apple's own "iOS Security" pdf at http://images.apple.com/iphone/business/docs/iOS_Security_Feb14.pdf (page 24), iCloud Keychain uses Asymmetric Elliptical Key (using P256) encryption.
That form of encryption is believed to be compromised by NSA/NIST:
http://safecurves.cr.yp.to/index.html
http://www.hyperelliptic.org/tanja/vortraege/20130531.pdf
My advice is: Don't use iCloud Keychain.
Audio (mp3): http://media.GRC.com/sn/SN-446.mp3
Transcript (txt): https://www.grc.com/sn/sn-446.txt
Video: http://twit.tv/show/security-now/446
According to Apple's own "iOS Security" pdf at http://images.apple.com/iphone/business/docs/iOS_Security_Feb14.pdf (page 24), iCloud Keychain uses Asymmetric Elliptical Key (using P256) encryption.
That form of encryption is believed to be compromised by NSA/NIST:
http://safecurves.cr.yp.to/index.html
http://www.hyperelliptic.org/tanja/vortraege/20130531.pdf
My advice is: Don't use iCloud Keychain.