Quantum Threats to Financial Security: Preparing for the Next Cyber Frontier in the G7 Era
- Sai Sravan Cherukuri
- Oct 18, 2024
- 1 min read
Executive Summary: G7 Cyber Expert Group Recommends Action to Combat Financial Sector Risks from Quantum Computing
Key Considerations:
Quantum Computing and Economic Security: As Todd Conklin, Treasury Deputy Assistant Secretary for Cybersecurity and Critical Infrastructure Protection, highlighted, the G7 CEG advocates for responsible quantum computing adoption in the financial sector. Given the potential economic security implications, the G7 emphasizes the importance of financial authorities and institutions providing necessary resources to support quantum-resilient technologies.
Timeliness of Action: Though the exact timeline for quantum computing breakthroughs remains uncertain, there is a strong likelihood that capable quantum systems could emerge within the next decade. Financial entities must act now to secure both current and past transmitted data, as adversaries may store encrypted data today, intending to decrypt it in the future using quantum systems.
NIST Quantum-Resilient Standards: In response to this growing threat, NIST has already introduced a set of quantum-resilient encryption standards, with more expected to follow. These standards will be foundational tools for financial entities to adopt quantum-resilient technologies.
