HSBC and PayPal are among the founding member of a new working group investigating the adoption of quantum-safe cryptography in the payments industry.
Experts predict that over the next decade cryptographically relevant quantum computers will start posing cybersecurity risks. The technology could be used to break today’s encryption standards, such as RSA, leaving data that is currently safe, vulnerable.
A recent DTCC white paper warned that quantum computing could “create significant new risks for financial firms by making even the most highly protected computer systems vulnerable to hacking”.
The new working group aims to get ahead of the curve, looking at policy, regulation, and operator business processes for quantum-safe cryptography specifically for the protection of payment rails
The group has been set up by the Emerging Payments Association Asia (EPAA), with HSBC and PayPal joined by IBM and Australian Payments Pus as founder members.
Participants will explore intends to help define requirements, identify dependencies, use cases, and create a roadmap to implement post-quantum networking to mitigate the anticipated risks associated with future, cryptographically relevant quantum computers.
Given the accelerated advancements of quantum computing, data and systems secured with today’s encryption could become insecure in a matter of years. We are pleased to work with the EPAA to help advance the industry’s move to adopt quantum-safe technology,” says Ray Harishankar, IBM Fellow – IBM Quantum Safe.