EVENT SUMMARY ¦ Quantum Tech 2024 – Quantum Cryptography

Day one of the event was around Quantum Cryptography. Clearly an area of foucs and concern as quantum computers could represent a risk to existing cryptography standards.

Key Takeaways

  1. Quantum computing and cryptography are advancing rapidly, necessitating proactive measures in quantum safety for financial institutions.
  2. The financial sector lags in quantum awareness, with only 3% of institutions actively working on quantum-safe strategies.
  3. Post-quantum cryptography (PQC) standards from NIST represent a significant milestone in preparing for quantum threats.
  4. Quantum threats are underestimated by many in the financial sector, with 97% of surveyed institutions lacking understanding of quantum risks.
  5. Organisations need to transition to quantum-safe systems now to avoid future vulnerabilities as quantum computing develops.
  6. Quantum key distribution (QKD) and the quantum internet, while still in early stages, offer future potential for highly secure communication.
  7. AI presents additional cybersecurity challenges, but quantum safety must be prioritised due to its potential to break current cryptographic systems.
  8. Financial institutions can leverage quantum threats to drive improvements in cybersecurity practices, such as certificate management.
  9. Cryptographic agility will be crucial in allowing institutions to adapt encryption methods swiftly in response to quantum threats.
  10. Quantum safety should be integrated into broader resilience strategies, ensuring a holistic approach to cybersecurity.
  11. Collaboration between academia, industry, and regulatory bodies is critical for addressing the challenges posed by quantum computing.
  12. Many financial leaders still view quantum threats as a distant concern, slowing down action despite the urgency.

Innovation

  • The integration of quantum cryptography, post-quantum cryptography, and quantum key distribution into existing cybersecurity frameworks is innovative.
  • Cryptographic agility, enabling rapid shifts between encryption methods in response to quantum threats, is a key innovation.
  • Leveraging quantum threats to improve overall cybersecurity, such as certificate management, represents a smart strategic move.
  • The concept of blind quantum computation and future quantum internet advancements offer the potential for highly secure data transmission.
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Key Statistics

  • Less than 3% of financial institutions’ CIOs and CISOs are actively investing in quantum-safe strategies.
  • 97% of financial institutions surveyed had no clear understanding of quantum risks.
  • Quantum computing commercial revenues are expected to surpass $1 billion this year.
  • Venture capital investment in quantum technologies is projected to rebound to $3 billion by the end of this year.

Key Discussion Points

  1. The release of NIST PQC standards signals a pivotal moment for organisations to begin transitioning to quantum-safe systems.
  2. The financial services sector is lagging significantly in preparing for quantum threats, with many underestimating the timeline.
  3. Organisations should not wait for fully operational quantum computers before taking action to secure their systems.
  4. Quantum safety provides an opportunity to reassess and improve outdated internal systems and cybersecurity strategies.
  5. AI and quantum computing introduce new security risks, with quantum posing a long-term, potentially more disruptive threat.
  6. The development of the quantum internet could radically transform secure data transmission in the future.
  7. Quantum agility, the ability to rapidly adapt encryption methods, is essential in staying ahead of quantum threats.
  8. Post-quantum cryptography must be integrated into current cybersecurity frameworks to future-proof financial institutions.
  9. Despite the urgency, many senior leaders continue to perceive quantum threats as distant, hindering industry-wide action.
  10. Quantum computing advancements, while promising, pose significant risks to cryptography and must be addressed proactively.
  11. Financial institutions need both short-term and long-term quantum safety strategies due to the complexity and timeline of implementation.
  12. The lack of awareness and investment in quantum-safe strategies is a major hurdle in ensuring the financial sector’s cybersecurity.
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