The G7 Cyber Expert Group issues recommendations to counter the risks to the financial sector of quantum computing

The G7 Cyber Expert Group (CEG) has issued a statement highlighting the potential cyber security risks associated with developments in quantum computing.

Quantum computers are able to solve computational problems currently considered too complex for conventional computers in a reasonable timeframe. While quantum computing may offer significant advantages to the financial system, it also poses unique cyber security risks. Threat actors could actually use quantum computers to crack the encryption codes that protect communications and computer systems, breaching the confidentiality and integrity of financial entities' data, including customer information.

The G7 CEG encourages authorities and financial institutions to embark on a safe migration path to quantum computing through measures to: (i) raise awareness of the risks associated with emerging technologies; (ii) assess, each within their areas of responsibility, the risks of quantum computing; and (iii) devise action plans to mitigate the risks associated with developments in this innovative technology.

In this context and as part of the work of the G7 under the Italian Presidency, the Bank of Italy is hosting a workshop on 'Building a quantum-safe financial system: what role for authorities and for the private sector?' to promote cooperation between the financial sector, supervisory and market authorities, technology providers, and the scientific community to discuss the risks to encryption techniques associated with the development of quantum computing.