Not even the NSA, at least in 2009. James Ball, of the Guardian:
Part of the cache given to the Guardian by Snowden was published in 2009 and gives a five-year forecast on the “global cyber threat to the US information infrastructure”. It covers communications, commercial and financial networks, and government and critical infrastructure systems. It was shared with GCHQ and made available to the agency’s staff through its intranet.
One of the biggest issues in protecting businesses and citizens from espionage, sabotage and crime – hacking attacks are estimated to cost the global economy up to $400bn a year – was a clear imbalance between the development of offensive versus defensive capabilities, “due to the slower than expected adoption … of encryption and other technologies”, it said.
An unclassified table accompanying the report states that encryption is the “[b]est defense to protect data”, especially if made particularly strong through “multi-factor authentication” – similar to two-step verification used by Google and others for email – or biometrics.
While Cameron’s position might be politically advantageous, it’s impossible to create encryption that can only be broken by Good Guys™.