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Jose Deodoro, Mr. Michael Gorbanyov, Majid Malaika, Tahsin Saadi Sedik, and Shanaka J. Peiris

internalized these novel risks yet. While waiting for quantum-safe encryption standards, financial system regulators can play an important role by raising awareness of potential risks. Financial institutions should take steps now to prepare for a cryptographic transition. They should assess future and retroactive risks from quantum computers, including from information that has already been captured or that may be captured now, stored and exploited years later. Financial institutions should develop plans to migrate current cryptography to quantum-resistant algorithms. As a

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, and Tahsin Saadi Sedik
Jose Deodoro, Mr. Michael Gorbanyov, Majid Malaika, and Tahsin Saadi Sedik