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Quantum computing threat looms, urging need for 'quantum-proof encryption standards': GFTN - CNBC

Google News – Quantum Computing
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⚡ Quantum Brief
A global financial technology network warns that scalable quantum computers could break current encryption within a decade, threatening financial systems, government communications, and critical infrastructure. Experts urge immediate adoption of post-quantum cryptography (PQC) standards, with NIST’s selected algorithms like CRYSTALS-Kyber and CRYSTALS-Dilithium recommended for implementation by 2026 to mitigate risks. Financial institutions face urgent deadlines, as quantum attacks could retroactively decrypt stored data, exposing transactions, client records, and proprietary trading strategies if upgrades aren’t prioritized. The U.S., EU, and China are accelerating PQC migration, but adoption lags due to legacy system costs and interoperability challenges, leaving gaps in cross-border data security. Industry leaders stress collaboration between governments, tech firms, and academia to standardize quantum-resistant protocols before malicious actors exploit the vulnerability.
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