System and method for protecting against dictionary attacks on password-protected TPM keys

A computer system that may include a trusted platform module (TPM) along with a processor hashes a user-supplied password for a predetermined time period that is selected to render infeasible a dictionary attack on the password. The results of the hash are used to render an AES key, which is used to encrypt an RSA key. The encrypted RSA key along with the total number of hash cycles that were used is stored and the RSA key is provided to the TPM as a security key. In the event that the RSA key in the TPM must be recovered, the encrypted stored version is decrypted with an AES key that is generated based on the user inputting the same password and hashing the password for the stored number of cycles.