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 text discusses the urgent need for financial institutions and policymakers to transition to quantum-safe cryptography, highlighting the imminent threats posed by quantum computing to current cryptographic systems. It emphasizes the necessity of collaboration among stakeholders and warns of the “Store now, decrypt later” attack strategy.
Detailed Description:
The call to action from the Quantum Safe Financial Forum (QSFF), hosted by Europol, emphasizes the importance of addressing the risks associated with quantum computing in the financial sector. Key insights include:
– **Urgency of Transition**: With quantum computing advancements potentially breaching existing cryptography within 10 to 15 years, a transition to quantum-safe solutions is paramount to protect financial transactions and sensitive data.
– **Collaboration Among Stakeholders**: The forum advocates for cooperation between financial institutions, technology providers, policymakers, and regulators to establish common goals and shared planning for implementing post-quantum cryptography (PQC).
– **Voluntary Framework Over Legislation**: The QSFF proposes that rather than introducing new legislation, a voluntary collaboration framework should be established, outlining guidelines for adopting quantum-safe cryptography and standardization across the sector.
– **Management Practices Enhancement**: The QSFF sees this transition not only as a necessity but also as an opportunity to improve management practices regarding cryptography in financial institutions.
– **Global Cooperation**: An emphasis is placed on fostering international partnerships and shared knowledge among public and private sectors, enhancing efforts in quantum-safe projects and initiatives.
– **Awareness of SNDL Attacks**: The forum warns that the “Store now, decrypt later” (SNDL) strategy poses a significant threat, where encrypted data can be collected and later compromised using quantum computing, necessitating immediate action to protect sensitive information.
– **Regulatory Attention**: The text notes that globally, governments are beginning to act on this threat, with regulatory responses being developed in regions such as Europe, the UK, the US, and Singapore.
– **Industry Preparedness**: Despite regulatory efforts, a stark 2023 survey revealed that 86% of financial sector leaders feel unprepared for post-quantum cybersecurity challenges, indicating a critical gap that needs addressing.
– **Call for Immediate Action**: The QSFF urges quick action from financial institutions and related stakeholders to build a quantum-safe financial ecosystem and mitigate significant risks, financial losses, and reputational harm.
This content is vital for professionals in the fields of cybersecurity, cryptography, and regulatory compliance, providing foresight into the evolving landscape of financial security impacted by quantum technologies.