Learn About the Future of Cybersecurity, Quantum, and Banking!
Updated: Sep 17
On Wednesday,15 September 2021, QuSecure held a webinar to learn how quantum computers are creating significant risks to our finance and banking infrastructure. We covered practical and currently available post-quantum cybersecurity solutions to thwart quantum and classical attacks on our financial systems.
As we accelerate faster toward a digital banking economy, financial institutions face an increasing number of cyberattack types due to interconnected attack surfaces, ransomware, and emerging technologies such as deep fakes and 5G. Cybersecurity has become a headline issue for every financial institution. At a Congressional hearing in May 2021, CEOs from six of the largest banks were asked to name the greatest threat to the financial system, and overwhelmingly they responded ‘cybersecurity’. The push toward open banking and shared networks creates the potential for cascading financial disruptions on an unprecedented scale. Furthermore, the rapid advancement of quantum computing threatens to exponentially exacerbate the already critical issues of cybersecurity for financial institutions. A recent Forbes article written by Arthur Herman indicated that a single attack from a quantum computer could have devastating consequences:
"We estimate that a single quantum attack on one of the five largest financial institutions in the U.S. that disrupts their access to the Fedwire Funds Service payment system would cause a cascading financial failure costing anywhere from $730 Billion to $1.95 Trillion."
The advent of fault-tolerant quantum computers will allow bad actors to easily decrypt sensitive data and could be used to wipe out entire databases and shut down the financial system. Quantum computers are incredibly efficient at factoring large prime numbers; their computational abilities will break existing public key infrastructure (PKI) which secures over 90% of all sensitive data and electronic communications. Already, hackers are harvesting encrypted data which they will be able to decrypt once quantum computers are available. Sensitive banking data requires secure protection for at least 25 years; therefore, large banks must act now to protect themselves and our financial system from the inevitable quantum threat. Some large banks, such as J.P Morgan and Visa, are already preparing for emerging quantum cyberattacks, but other financial institutions must follow suit to protect the integrity of our entire banking system. Post-quantum cryptography systems, provided by companies such as QuSecure, will be pivotal in providing security from quantum threats.