A method for efficiently computing a hash value for a string is disclosed. In one embodiment, such a method includes receiving an original string comprising multiple characters. The method computes an original hash value for the original string. The method produces an updated string by performing at least one of the following updates on the original string: adding leading/trailing characters to the original string; removing leading/trailing characters from the original string, and modifying characters of the original string while preserving the length of the original string. The method then computes an updated hash value for the updated string by performing at least one operation on the original hash value, wherein the at least one operation takes into account the updates that were made to the original string. A corresponding apparatus and computer program product are also disclosed.