The exemplary embodiments described herein relate to a light-weight encryption/decryption technique for peripherals (e.g., gaming machines, overhead displays, a jackpot controllers, etc.) attached to gaming networks. In certain exemplary embodiments, a peripheral device for use in a networked gaming environment is provided. A network interface is configured to send and receive at least one data stream, with each said data stream including at least a data block and a predetermined portion to be used in key generation. An encrypt table includes an index of random numbers in a predetermined range, with the encrypt table size and the range of the random numbers being set in dependence on the predetermined portion of the data stream. A decrypt table is provided, with the decrypt table being the inverse of the encrypt table. Key generating programmed logic circuitry is configured to generate a key in dependence on the predetermined portion of the data stream. Encrypting programmed logic circuitry is configured to generate an encrypted data stream by encrypting a data block of an unencrypted data stream for encrypted transmission via the network interface in dependence on the key and the encrypt table. Decrypting programmed logic circuitry is configured to generate a decrypted data stream by decrypting a data block of an encrypted data stream received by the network interface in dependence on the key and the decrypt table.