G7 Urges Financial Sector to Address Quantum Risks

The G7 Cyber Expert Group has called on the financial sector to prepare for cybersecurity threats posed by advancements in quantum computing, which could compromise financial and customer data. Officials emphasize the urgency for financial institutions to assess quantum computing risks and develop comprehensive mitigation strategies, as traditional encryption methods may soon be vulnerable to quantum attacks. The G7 CEG highlights the potential for malicious actors to employ a 'harvest now, decrypt later' strategy, capturing sensitive data now to decrypt it when quantum capabilities improve. As governments and organizations increase their investments in quantum technology, the call for proactive measures in the finance sector is seen as vital for economic security. The G7 also noted ongoing efforts to establish post-quantum cryptography standards through initiatives by NIST and ENISA. Workshops are being organized to foster collaboration between the financial sector and authorities on creating a quantum-safe financial system.