Banks may spend ‘billions’ to stop quantum hacking threat

Quantum-proof algo standards nearing completion, but enhanced cryptography won’t come cheap

costly cyber security
Risk.net montage

Banks are cautiously preparing to implement new encryption algorithms that will protect against hackers using quantum computing to crack their code. But experts warn they potentially need to stump up astronomical sums to raise their cyber defences against the developing threats. If they don’t, then current cryptography could be obsolete within five years, according to some estimates.

Andersen Cheng, who worked on JP Morgan’s response to the ‘millennium bug’ in 2000, says the bank spent $286

Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.

To access these options, along with all other subscription benefits, please contact [email protected] or view our subscription options here: http://subscriptions.risk.net/subscribe

You are currently unable to copy this content. Please contact [email protected] to find out more.

Sorry, our subscription options are not loading right now

Please try again later. Get in touch with our customer services team if this issue persists.

New to Risk.net? View our subscription options

If you already have an account, please sign in here.

Sign up here

 

This address will be used to create your account

You need to sign in to use this feature. If you don’t have a Risk.net account, please register for a trial.

Sign in
You are currently on corporate access.

To use this feature you will need an individual account. If you have one already please sign in.

Sign in.

Alternatively you can request an individual account here: