Quantum Computing, PQC And The New Urgency For Financial Institutions

Quantum computing threatens today’s cryptography. As identifying and replacing vulnerable systems can take years, lead time itself becomes a key risk.

Why action is required today

Quantum computing is often perceived as a technology of the future. However, the real challenge for financial institutions lies not in the future use of quantum computers, but in their impact on the cryptography already in use today. In our article "Quantum Computing - Need for Action for Swiss Financial Institutions", we outlined the need for action as identified by FINMA and the measures it recommends for financial institutions to mitigate risks posed by quantum computers. The increasing digitization of services (such as online banking and digital payment systems), the encryption technologies currently in use, and the growing use of artificial intelligence (AI) in cyberattacks further increase the risks and the need for action on the part of financial institutions.