The G7 Cyber Expert Group this week released a “roadmap” to help the financial sector take steps to secure computer systems from cybersecurity risks arising from quantum computing.
Quantum computers theoretically would be more powerful than modern computers and, as a result, could be used to crack cryptographic systems used to protect financial institutions’ data and computer networks. The roadmap was developed to encourage a coordinated approach for migration to quantum-resistant cryptography among financial institutions, government authorities and other stakeholders, according to a G7 statement. It does not set guidance or regulatory expectations.
“This is something we must address together, and the roadmap guidance will be an important reference for organizations to consider as they prepare their systems and data to be quantum resilient,” said the co-chairs of the working group, U.S. Deputy Assistant Secretary for Cybersecurity and Critical Infrastructure Protection Cory Wilson and Bank of England Executive Director for Supervisory Risk Duncan Mackinnon.
