The Financial Services Information Sharing and Analysis Center today called for the creation of a timeline for the financial sector to bolster its cybersecurity defenses against threats posed by quantum computing.
Quantum computers would theoretically be much more powerful than modern computers and could be used to crack many cryptography algorithms currently used to protect computer systems. In a new white paper – “The Timeline for Post Quantum Cryptographic Migration” – FS-ISAC warns that many organizations have yet to define or allocate resources to adequately support quantum-resistant projects.
“This delay (what we call crypto-procrastination) threatens the overall migration roadmap by compressing future implementation tasks into unrealistically short timeframes,” according to the paper.
The white paper urges the financial sector to align migration activities with clear and reasonable milestones and identify all relevant stakeholders. It also details existing recommendations and timelines and offers a blueprint for action while emphasizing the benefits of cross-sector collaboration.
“Sector coordination and proactive strategies will ensure the effective transition to resilient cryptographies as we face the critical security challenge of quantum computing’s ability to break current encryption algorithms,” said Mike Silverman, chief strategy and innovation officer for FS-ISAC. “This paper, created by experts who are leading the way in quantum readiness, outlines key considerations in the process and the shared priorities of the sector, which upon migration, enables the global financial sector to safeguard the trust and resilience of our systems.”
Editor’s note: This story has been updated since publication to correct the name of the Financial Services Information Sharing and Analysis Center.
