This month, the G7 Central Banks published an institutional analysis of the quantum future in Preparing for Quantum Technologies: Key Considerations for Financial Sector Participants.
The report is designed to act as a framework for institutions to help assess where quantum technologies intersect with financial activity, particularly outlining what it describes as a ‘non-negligible probability’ that a cryptographically relevant quantum computer (CRQC) will emerge within the next decade. With the Harvest-Now-Decrypt-Later threat ever-present, plus the fact that transitioning to post-quantum cryptography is “not a simple substitution exercise” the report points out the focus for quantum security must be based around:
- Comprehensive inventories of cryptographic dependencies
- Strategic testing of compatibility with existing, legacy solutions
- Co-ordination of updates across external service providers and third parties
- Managing the complexity of extended transition phases, including hybrid legacy and quantum-safe systems
It’s clear from the report that the shift is far more than a technological migration. With each of the G7 central banks involved, the weight of the message is likely to be felt across the financial sector – almost as an official institutional mandate.
In fact, it marks a key turning point, becoming a key piece of validation for CISOs and risk officers hoping to secure boardroom-level funding and resources required for migration. It’s likely to be a powerful baseline for change across the world’s largest economies.
You can read the full publication here. Also, you can find out more about how PQShield is helping industry to migrate smoothly with our range of ultra-secure, ultra-small, and ultra-fast post-quantum solutions.