Abstract: Key management is a vital component in any modern security protocol. Due to scalability and practical implementation considerations automatic key management seems a natural choice in significantly large virtual private networks (VPNs). In this context IETF Internet Key Exchange (IKE) is the most promising protocol under permanent review. We have made a humble effort to pinpoint IKEv2 net gain over IKEv1 due to recent modifications in its original structure, along with a brief overview of salient improvements between the two versions. We have used US National Institute of Technology NIIST VPN simulator to get some comparisons of important performance metrics.