The advent of quantum computers poses a significant threat to the global financial system’s encryption. To mitigate this risk, researchers have developed a framework for transitioning to quantum-safe cryptographic infrastructures. The paper emphasizes the importance of starting the transition today, with broad awareness and inventory of cryptographic systems as crucial foundations.
While post-quantum cryptography offers a viable short-term solution, its implementation faces challenges due to performance trade-offs and system integration issues. Coordinated planning is necessary to address these concerns.
Transitioning to quantum-safe cryptography requires more than just algorithmic changes; it demands cryptographic agility, defence-in-depth strategies, hybrid models, and phased migration plans. Quantum key distribution holds long-term potential but faces infrastructure limitations that hinder its immediate applicability, according to several national security agencies.
As the financial system navigates this shift, understanding the complexities of quantum computing and cryptography is essential for ensuring continued security and resilience.
Source: https://www.bis.org/publ/bppdf/bispap158.htm