Symmetric Key Algorithms are a type of encryption method where the same key is used for both encrypting and decrypting data. This means that both the sender and the receiver must have access to the same secret key to communicate securely. These algorithms are efficient and fast, making them suitable for encrypting large amounts of data. Common examples of symmetric key algorithms include AES (Advanced Encryption Standard) and DES (Data Encryption Standard). While they provide strong security, the challenge lies in securely sharing the key between parties, as anyone with access to the key can decrypt the information.