Act now to be resilient in the quantum future

Quantum computing will bring significant opportunities to the UK financial sector, but firms need to act now to prepare for a world where a viable hostile quantum computer could break today’s widely used cryptography standards.The financial sector depends on secure information and communication. Cryptography – of which encryption is just one part – helps firms protect their clients’ data, verify who they are dealing with, and maintain trust in their systems.Sufficiently powerful quantum computers pose a real threat to that security. Without trustworthy cryptography, consumers would face fraud, firms would suffer operational disruption, and the integrity of financial transactions and markets would be put at risk.That’s why we are talking to firms about preparing for post-quantum cryptography (PQC) now. We don’t know for certain when a viable quantum computer will emerge, but the coming years will likely see the technology advance at a rapid pace.Preparing for this new world requires firms to understand where and how they use cryptography and to be able to migrate all hardware and software to PQC, while managing operational risks.Realistically, for most firms, this will require signi

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