A microprocessor includes a storage element that stores decryption key data and a fetch unit that fetches and decrypts program instructions using a value of the decryption key data stored in the storage element. The fetch unit fetches an instance of a branch and switch key instruction and decrypts it using a first value of the decryption key data stored in the storage element. If the branch is taken, the microprocessor loads the storage element with a second value of the decryption key data for subsequent use by the fetch unit to decrypt an instruction fetched at a target address specified by the branch and switch key instruction. If the branch is not taken, the microprocessor retains the first value of the decryption key data in the storage element for subsequent use by the fetch unit to decrypt an instruction sequentially following the branch and switch key instruction.