InfoSecBulletin Cybersecurity for mankind
An intergovernmental group urged the financial sector on Wednesday to prepare for potential threats from advancements in quantum computing. The G7 Cyber Expert Group, led by the U.S. Department of Treasury and the Bank of England, advised G7 finance ministers and central bank governors to evaluate the risks of quantum computing and create mitigation plans.
It also mentioned recent efforts by NIST and ENISA to develop post-quantum cryptography algorithms that are expected to become new encryption standards.
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Experts in computer science and cybersecurity state that quantum computers, which can solve complex problems much faster than traditional computers, are being developed by governments and companies and may become a reality within the next decade.
These devices may help many sectors but could also be misused for cyberattacks and accessing sensitive data. The G7 group warned that quantum computers could easily break traditional encryption methods that protect financial and government information.
“In anticipation of large-scale quantum computing becoming prevalent, threat actors may be implementing a ‘harvest now, decrypt later’ scheme to intercept confidential data now with the intent of decrypting it once quantum computers become more capable and widely available,” it added.
As a result, even though quantum computers may be years away, the group is advising financial entities to take action to handle the threats when they arrive. “Such future actions may include creation of an inventory of cryptography use within the entity and its third parties. It may also include planning for the orderly replacement of vulnerable technologies with those that are quantum resistant,” the group said, pointing to various government guides that have been issued in recent years to help companies prepare for quantum computing threats.
Todd Conklin, the deputy assistant Treasury secretary for cybersecurity and critical infrastructure protection said in a statement. “The G7 CEG believes that planning for the quantum transition is important to economic security and prosperity, and strongly encourages financial institutions to provide funding and other resources needed to support it,”
The G7 Cyber Experts Group, established in 2015, guides cyber policy for Canada, France, Germany, Italy, Japan, the U.K., and the U.S. Recently, financial authorities in these nations have issued similar warnings and recommendations regarding quantum computing.
The U.S. Federal Reserve warned Congress last year about challenges in adopting quantum-resistant cryptography algorithms widely.
