The Treasury Department today announced the launch of a new public-private initiative “to help accelerate the U.S. financial sector’s transition to quantum-safe technology.”
Quantum computers theoretically would be more powerful than most modern computers and therefore pose significant cybersecurity challenges. The Quantum-Readiness Task Force will bring together government, financial institutions, financial market infrastructures, technology providers and other private-sector leaders to support coordinated preparation for quantum-related cyber risks, Treasury said in a statement.
“America must lead in securing the technologies that power our economy,” Treasury Secretary Scott Bessent said. “This task force will help ensure our financial system remains strong, secure and competitive as new technologies reshape the global landscape.”
The Task Force will operate through three workstreams: Sector alignment and post-quantum computing transition; third-party and vendor readiness; and digital assets and emerging technology risk. The new effort expands on a “roadmap” for post-quantum cryptography in the financial sector previously published by the G7 Cyber Expert Group, according to the department.
Treasury did not announce the task force members.
In related news, the American Bankers Association is participating in a post-quantum task force formed by the Financial Services Sector Coordinating Council and the Financial and Banking Information Infrastructure Committee. Earlier this year, the ABA established the Quantum Security Working Group to provide a forum for ABA members to discuss strategies to integrate post-quantum encryption standards.
