Jose Deodoro, Mr. Michael Gorbanyov, Majid Malaika, and Tahsin Saadi Sedik
The era of quantum computing is about to begin, with profound implications for the global economy and the financial system. Rapid development of quantum computing brings both benefits and risks. Quantum computers can revolutionize industries and fields that require significant computing power, including modeling financial markets, designing new effective medicines and vaccines, and empowering artificial intelligence, as well as creating a new and secure way of communication (quantum Internet). But they would also crack many of the current encryption algorithms and threaten financial stability by compromising the security of mobile banking, e-commerce, fintech, digital currencies, and Internet information exchange. While the work on quantum-safe encryption is still in progress, financial institutions should take steps now to prepare for the cryptographic transition, by assessing future and retroactive risks from quantum computers, taking an inventory of their cryptographic algorithms (especially public keys), and building cryptographic agility to improve the overall cybersecurity resilience.
Jose Deodoro, Mr. Michael Gorbanyov, Majid Malaika, Tahsin Saadi Sedik, and Shanaka J. Peiris
( ETSI, 2020 ).
While the ability to use longer keys renders symmetric encryption and hashing quantum-safe today, they are not immune to further advances in quantum computing. As the quantum computing field becomes widely researched and understood, new schemes and algorithms emerge continuously. Shor’s algorithm, for instance, has been improved several times since its inception, mainly to reduce its processing requirements. New algorithms and analysis are created that significantly lessen the quantum hardwarecapability needed to solve problems that go beyond the