The WSJ has a story today (paid sub required) covering the crack of SHA-1 reported in mid-February.  The WSJ piece ties it into broader recent concerns over internet security raised by incidents like ChoicePoint and LexisNexis, and recent reports that weaknesses have been found in other hash functions - MD4 and MD5. Quotes:

The technique, called a "hash function," has been used for years by Web-site operators to scramble online transmissions containing credit-card information, Social Security numbers and other sensitive data. Hash functions are at work, for instance, for most of the millions of transactions that take place on the Internet every day. The system, involving an algorithm, or mathematical formula, was thought to be impenetrable.

But last month, a team of researchers from Shandong University in eastern China began circulating a draft of a paper showing that a key hash function used in state-of-the-art encryption could be less resistant to an attack by hackers than had been thought...

The discovery follows recent research showing flaws in other hash functions. And it comes at a time when information-security concerns have been sharply heightened by problems not involving hash functions.

Recent breaches at data aggregators ChoicePoint Inc. and Reed Elsevier PLC's LexisNexis exposed personal data on more than 100,000 Americans to identity thieves. And a poorly designed online system allowed scores of business-school applicants earlier this month to view decision letters ahead of time.