I've seen it mentioned in many places that randomness is important for generating keys for symmetric and asymmetric cryptography and when using the keys to encrypt messages.
Can someone provide an explanation of how security could be compromised if there isn't enough randomness?
Randomness means unguessable input. If the input is guessable, then the output can be easily calculated. That is bad.
For example, Debian had a long standing bug in its SSL implementation that failed to gather enough randomness when creating a key. This resulted in the software generating one of only 32k possible keys. It is thus easily possible to decrypt anything encrypted with such a key by trying all 32k possibilities by trying them out, which is very fast given today's processor speeds.
The important feature of most cryptographic operations is that they are easy to perform if you have the right information (e.g. a key) and infeasible to perform if you don't have that information.
For example, symmetric cryptography: if you have the key, encrypting and decrypting is easy. If you don't have the key (and don't know anything about its construction) then you must embark on something expensive like an exhaustive search of the key space, or a more-efficient cryptanalysis of the cipher which will nonetheless require some extremely large number of samples.
On the other hand, if you have any information on likely values of the key, your exhaustive search of the keyspace is much easier (or the number of samples you need for your cryptanalysis is much lower). For example, it is (currently) infeasible to perform 2^128 trial decryptions to discover what a 128-bit key actually is. If you know the key material came out of a time value that you know within a billion ticks, then your search just became 340282366920938463463374607431 times easier.
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