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Cyber Security
Basel explains that quantum computers, if they get big enough and powerful enough, can break the encryption schemes widely used today to ensure secure financial data and transactions. This makes quantum computing one of the most significant cybersecurity threats facing the financial system, potentially exposing all financial transactions and much of our existing stored financial data to attack.
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While it is not yet clear when quantum computing technology might be adopted on a large scale, its potential as a cyber threat to the financial system is already a cause for concern. Malicious actors can intercept and store classically encrypted sensitive data with the intention of decrypting it later when quantum computers are powerful enough to do so.
Cyber Security
Recognizing these potential risks to its systems and data, the financial sector needs to preemptively implement robust quantum communication and data protection technologies. Given the long-term sensitivity of financial data and the complexity of central bank IT systems, a transition phase must be initiated well in advance so that quantum-resistant encryption schemes can be implemented.