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Getting The Big Banks To Confront The Quantum Challenge

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+  [I]t’s time to propose that the banks join together to create a Quantum Task Force made up of the country’s largest financial institutions, to promote quantum and post-quantum solutions to cyberattacks not just for themselves but throughout the financial system. Recent research from the New York Fed reveals that a cyberattack just one vulnerable mid-sized bank (less than $10 billion in assets, or less than five percent the size of Goldman Sachs) can bring down the whole system. Our preliminary study here at the Hudson Institute’s Quantum Alliance Initiative indicates that the result would be catastrophic.

The fact is, the leadership of all the big banks will be crucial for protecting our economy from a quantum-induced financial meltdown, or worse.

 

+  Offsetting a risk of this magnitude should be a national, as well as industry, imperative. It’s a problem that won’t wait until 2024 when NIST is expected to begin the roll out of its post-quantum cryptography standards. The array of tools currently available, from quantum-resistant algorithms and double encryption to quantum key distribution for the most vital corporate communications, can protect institutions today and tomorrow, against a quantum attack or the conventional threats that are already lurking out there.

+  It will no longer suffice to claim that the quantum threat is far off out on the horizon—ten years or more—that we don’t have to worry about it before the next shareholders’ meeting. As my next column will show, the threat may be coming sooner than the experts have predicted.

Image Source: Vecteezy.com

Source:  Forbes.  Arthur Herman,  Getting The Big Banks To Confront The Quantum Challenge…

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