For the most part, the concerns over breaking crypto are related to breaking public key cryptography. Becuase of its relative slowness, public key crypto is generally used for key exchange before the devices start using symetric cryptography. Symetric crypto has its own concerns because we have no theoretical foundation for believing it is secure other than the fact that we have yet to break it. At least RSA is backed by factoring, which we have spent much longer trying to break (and also haven't proven to be secure).
Nitpick: RSA isn't known to be backed by factoring. More precisely, there is no proof that if textbook-RSA encrypted messages could be decrypted quickly that integer factorization could also be done quickly. (Of course if you can factor integers you can decrypt RSA messages quickly).
