Day one of the event was around Quantum Cryptography. Clearly an area of foucs and concern as quantum computers could represent a risk to existing cryptography standards.
Key Takeaways
- Quantum computing and cryptography are advancing rapidly, necessitating proactive measures in quantum safety for financial institutions.
- The financial sector lags in quantum awareness, with only 3% of institutions actively working on quantum-safe strategies.
- Post-quantum cryptography (PQC) standards from NIST represent a significant milestone in preparing for quantum threats.
- Quantum threats are underestimated by many in the financial sector, with 97% of surveyed institutions lacking understanding of quantum risks.
- Organisations need to transition to quantum-safe systems now to avoid future vulnerabilities as quantum computing develops.
- Quantum key distribution (QKD) and the quantum internet, while still in early stages, offer future potential for highly secure communication.
- AI presents additional cybersecurity challenges, but quantum safety must be prioritised due to its potential to break current cryptographic systems.
- Financial institutions can leverage quantum threats to drive improvements in cybersecurity practices, such as certificate management.
- Cryptographic agility will be crucial in allowing institutions to adapt encryption methods swiftly in response to quantum threats.
- Quantum safety should be integrated into broader resilience strategies, ensuring a holistic approach to cybersecurity.
- Collaboration between academia, industry, and regulatory bodies is critical for addressing the challenges posed by quantum computing.
- Many financial leaders still view quantum threats as a distant concern, slowing down action despite the urgency.
Innovation
- The integration of quantum cryptography, post-quantum cryptography, and quantum key distribution into existing cybersecurity frameworks is innovative.
- Cryptographic agility, enabling rapid shifts between encryption methods in response to quantum threats, is a key innovation.
- Leveraging quantum threats to improve overall cybersecurity, such as certificate management, represents a smart strategic move.
- The concept of blind quantum computation and future quantum internet advancements offer the potential for highly secure data transmission.
Key Statistics
- Less than 3% of financial institutions’ CIOs and CISOs are actively investing in quantum-safe strategies.
- 97% of financial institutions surveyed had no clear understanding of quantum risks.
- Quantum computing commercial revenues are expected to surpass $1 billion this year.
- Venture capital investment in quantum technologies is projected to rebound to $3 billion by the end of this year.
Key Discussion Points
- The release of NIST PQC standards signals a pivotal moment for organisations to begin transitioning to quantum-safe systems.
- The financial services sector is lagging significantly in preparing for quantum threats, with many underestimating the timeline.
- Organisations should not wait for fully operational quantum computers before taking action to secure their systems.
- Quantum safety provides an opportunity to reassess and improve outdated internal systems and cybersecurity strategies.
- AI and quantum computing introduce new security risks, with quantum posing a long-term, potentially more disruptive threat.
- The development of the quantum internet could radically transform secure data transmission in the future.
- Quantum agility, the ability to rapidly adapt encryption methods, is essential in staying ahead of quantum threats.
- Post-quantum cryptography must be integrated into current cybersecurity frameworks to future-proof financial institutions.
- Despite the urgency, many senior leaders continue to perceive quantum threats as distant, hindering industry-wide action.
- Quantum computing advancements, while promising, pose significant risks to cryptography and must be addressed proactively.
- Financial institutions need both short-term and long-term quantum safety strategies due to the complexity and timeline of implementation.
- The lack of awareness and investment in quantum-safe strategies is a major hurdle in ensuring the financial sector’s cybersecurity.
See also Event: Handling increased arrears - ideas and support for Credit Unions and Community banks
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