Organizations in the financial sector have been urged by the G7 Cyber Expert Group to prepare for possible cryptography breaches and other cybersecurity threats stemming from quantum computing advancements, which could result in financial and customer data compromise, reports SC Media.
Aside from bolstering their awareness of quantum computing, its risks, and risk mitigation techniques, financial entities should also evaluate quantum computing risks in their responsibility areas and establish a plan for combating such risks, said the G7 CEG in a public statement.
"The G7 CEG believes that planning for the quantum transition is important to economic security and prosperity, and strongly encourages financial institutions to provide funding and other resources needed to support it," said U.S. Treasury Department Deputy Assistant Secretary for Cybersecurity and Critical Infrastructure and G7 CEG co-chair Todd Conklin.
Other cybersecurity experts noted the importance of being ready against quantum computing threats amid malicious actors' 'harvest now, decrypt later' efforts.
"By understanding and planning for adoption now, practitioners can help their organizations stay ahead of emerging threats, ensuring that sensitive data remains secure,'' said Keeper Security cryptography expert Adam Everspaugh.
