The most popular present-day public-key cryptosystems are RSA and ElGamal cryptosystems. Some practical algebraic generalization of the ElGamal cryptosystem is considered-basic modular matrix cryptosystem (BMMC) over the modular matrix ring M₂(Z_n). An example of computation for an artificially small number n is presented. Some possible attacks on the cryptosystem and mathematical problems, the solution of which are necessary for implementing these attacks, are studied. For a small number n, computational time for compromising some present-day public-key cryptosystems such as RSA, ElGamal, and Rabin, is compared with the corresponding time for the ВММС. Finally, some open mathematical and computational problems are formulated.