6 October 2024

G7 cyber group warns financial sector to prep for quantum computing risks

Adam Janofsky

A major intergovernmental group on Wednesday called on the financial sector to prepare for “impending threats” brought by developments in quantum computing.

The G7 Cyber Expert Group, which is chaired by the U.S. Department of Treasury and the Bank of England and advises G7 finance ministers and central bank governors on cyber issues, broadly recommended that financial authorities and institutions assess quantum computing risks and develop plans to mitigate them.

It also highlighted recent efforts by the National Institute of Standards and Technology (NIST) and the European Union Agency for Cybersecurity (ENISA) to roll out post-quantum cryptography algorithms that will likely form the basis of new encryption standards.

Computer science and cybersecurity experts say that quantum computers — which theoretically can quickly solve complex problems that would be impossible for conventional computers — are being developed by governments and companies, and could become a reality in the next decade.


No comments: