Why it’s time to wake up to the quantum threat
+ Quantum computing is proving to be enormously exciting for financial institutions. Already, Goldman Sachs and Deutsche Börse are exploring quantum algorithms to calculate risk model simulations 1,000 times faster than currently possible, while BBVA is looking to quantum to optimise investment portfolio management.
But a more sinister aspect to the technology also lurks just around the corner. Because of their computing power, quantum machines will be able to smash through the mathematical algorithms underpinning all modern encryption – posing an unparalleled cybersecurity risk.
+ What complicates the issue is that quantum decryption can be applied retrospectively.
+ Bad actors could begin collecting encrypted data from institutions today, with the intent to ‘harvest now, decrypt later’. Financial services companies could unknowingly be victim to an attack today, and only suffer the consequences in the future when quantum computers become available.
+ Institutions have invested huge amounts of time and effort building customer trust in digital banking, and cryptography was the main mathematical tool that allowed this to happen.
+ Now that quantum computers threaten to break it, it’s time for the sector to fight back. The security of all sensitive data, past and present, relies on it.
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