Tuesday , June 3 2025
flags

G7 cyber group warns to prep for quantum computing risks

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.

Qualcomm Patches 3 Zero-Days Used in Targeted Android Attacks

Qualcomm has issued security patches for three zero-day vulnerabilities in the Adreno GPU driver, affecting many chipsets that are being...
Read More
Qualcomm Patches 3 Zero-Days Used in Targeted Android Attacks

Critical RCE Flaw Patched in Roundcube Webmail

Roundcube Webmail has fixed a critical security flaw that could enable remote code execution after authentication. Disclosed by security researcher...
Read More
Critical RCE Flaw Patched in Roundcube Webmail

Hacker claim Leak of Deloitte Source Code & GitHub Credentials

A hacker known as "303" claim to breach the company's systems and leaked sensitive internal data on a dark web...
Read More
Hacker claim Leak of Deloitte Source Code & GitHub Credentials

CISA Issued Guidance for SIEM and SOAR Implementation

CISA and ACSC issued new guidance this week on how to procure, implement, and maintain SIEM and SOAR platforms. SIEM...
Read More
CISA Issued Guidance for SIEM and SOAR Implementation

Linux flaws enable password hash theft via core dumps in Ubuntu, RHEL, Fedora

The Qualys Threat Research Unit (TRU) found two local information-disclosure vulnerabilities in Apport and systemd-coredump. Both issues are race-condition vulnerabilities....
Read More
Linux flaws enable password hash theft via core dumps in Ubuntu, RHEL, Fedora

Australia enacts mandatory ransomware payment reporting

New ransomware payment reporting rules take effect in Australia yesterday (May 30) for all organisations with an annual turnover of...
Read More
Australia enacts mandatory ransomware payment reporting

Why Govt Demands Foreign CCTV Firms to Submit Source Code?

Global makers of surveillance gear have clashed with Indian regulators in recent weeks over contentious new security rules that require...
Read More
Why Govt Demands Foreign CCTV Firms to Submit Source Code?

CVE-2023-39780
Botnet hacks thousands of ASUS routers

GreyNoise has discovered a campaign where attackers have gained unauthorized access to thousands of internet-exposed ASUS routers. This seems to...
Read More
CVE-2023-39780  Botnet hacks thousands of ASUS routers

Bangladesh Bank instructed using AI to prevent online gambling

The rise of online gambling in the country is leading to increased crime and societal issues. In response, the central...
Read More
Bangladesh Bank instructed using AI to prevent online gambling

251 Amazon-Hosted IPs Used in Exploit Scan for ColdFusion, Struts, and Elasticsearch

Cybersecurity researchers recently revealed a coordinated cloud-based scanning attack that targeted 75 different exposure points earlier this month. On May...
Read More
251 Amazon-Hosted IPs Used in Exploit Scan for ColdFusion, Struts, and Elasticsearch

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.

Check Also

mobile

Bank server compromised using customer’s mobile, steal ₹11 crore

Cyber fraudsters hacked the Himachal Pradesh State Cooperative Bank’s server using a customer’s mobile phone. …

Leave a Reply

Your email address will not be published. Required fields are marked *