Source URL: https://www.europol.europa.eu/media-press/newsroom/news/call-for-action-urgent-plan-needed-to-transition-to-post-quantum-cryptography-together
Source: News
Title: Call for action: urgent plan needed to transition to post-quantum cryptography together
Feedly Summary: On 7 February 2025, Europol hosted a Quantum Safe Financial Forum (QSFF) event, during which the QSFF has issued a call to action for financial institutions and policymakers, urging them to prioritise the transition to quantum-safe cryptography. With the rapid advancement of quantum computing, the financial sector faces an imminent threat to its cryptographic security. This transition presents both a…
AI Summary and Description: Yes
Summary: The Europol-hosted Quantum Safe Financial Forum (QSFF) emphasizes the urgent need for financial institutions and policymakers to transition to quantum-safe cryptography in response to the evolving threats posed by quantum computing. The forum highlights the risk of ‘Store now, decrypt later’ attacks and calls for coordinated efforts to enhance cryptographic management practices while ensuring preparedness for upcoming quantum threats.
Detailed Description:
The text discusses a significant event hosted by Europol that revolves around the urgency for the financial sector to transition to quantum-safe cryptography. This transition is crucial in light of the potential capabilities of advanced quantum computers to compromise traditional cryptographic methods within the next decade. The key points presented during the QSFF include:
– **Call to Action**: Financial institutions and policymakers need to prioritize the transition to quantum-safe cryptography to safeguard digital assets.
– **Quantum Threat**: Acknowledgment that advanced quantum computers may threaten public-key cryptographic algorithms, jeopardizing the confidentiality of financial transactions and authentication processes.
– **Collaboration and Coordination**: The necessity for synergy among various stakeholders, including financial institutions, tech providers, policymakers, and regulators, to create a robust framework for implementing post-quantum cryptography (PQC).
– **Voluntary Framework**: Proposing a voluntary framework for quantum-safe cryptography rather than new regulations, which would allow for guidelines and standardized practices across the industry.
– **Enhanced Cryptography Management**: The transition presents an opportunity to improve existing cryptographic management practices, fostering a proactive rather than reactive approach to cybersecurity.
– **Global Collaboration**: Encouragement of knowledge-sharing and collaborative initiatives between private and public sectors to address quantum-related threats.
– **SNDL Threat**: Addressing the risk of ‘Store now, decrypt later’ (SNDL) attacks, where encrypted data is hoarded with future decryption in mind using quantum computing technologies, posing severe risks to financial data integrity.
– **Regulatory Response**: Acknowledgment that various governments have begun to introduce regulations to combat quantum threats, yet a significant portion of financial sector leaders still feel unprepared for such changes.
– **Immediacy of Action Required**: Emphasizing the urgent need for financial institutions to adopt quantum-safe solutions within a short timeframe to avert significant risks, losses, and reputational damage.
The analysis highlights the crucial intersection of quantum computing and cryptography, offering insights and practical implications for security and compliance professionals aiming to bolster defenses against emerging threats stemming from quantum advancements.