Last week, the G7 Cyber Expert Group (CEG) released a public statement highlighting potential cybersecurity risks associated with developments in quantum computing. The Group (chaired by the US Treasury and the Bank of England) advises G7 Finance Ministers on cybersecurity policy with respect to security and resilience of financial systems.
In the statement ‘Planning for the Opportunities and Risks of Quantum Computing’ the CEG make some recommendations that financial entities should consider in order to address the risk. These include gaining a better understanding of quantum computing, as well as strategies for mitigating the risk. Additionally, the CEG suggests focusing financial entities on understanding risks to their particular areas of responsibility. This could include inventories and dependencies on third-parties being catalogued and identified. As a third step, financial organizations should then be able to develop a strategic plan for governance, identifying stakeholders and establishing key milestones ahead.
This advice is another key indicator that the financial world, among other industries, is taking the quantum threat seriously, and reorienting around compliance to international standards and process.
It’s particularly encouraging for organizations such as PQShield, developing the technology and tools required for cryptography modernization, especially for the advent of quantum computing. As the G7 CEG notes, ‘quantum transition is important to economic security and prosperity’ – it’s great to see organizations being encouraged to provide funding and resources to support that transition.