G7 Cyber Expert Group Recommends Action to Combat Financial Sector Risks from Quantum Computing

WASHINGTON – The G7 Cyber Expert Group (CEG) - chaired by the U.S. Department of the Treasury and the Bank of England - released a public statement today highlighting the potential cybersecurity risks associated with developments in quantum computing and recommending steps for financial authorities and institutions to take to address those risks.Quantum computers are being built that will be able to solve computational problems currently deemed impossible for conventional computers to solve within a reasonable amount of time. While potentially providing significant benefits to the financial system, these powerful computers will also carry with them unique cybersecurity risks. One of the most significant is that cyber threat actors could use quantum computers to defeat certain cryptographic techniques that secure communications and IT systems, potentially exposing financial entity data, including customer information.“The G7 CEG looks to help support the responsible use of emerging technologies like Cloud, AI, and Quantum in the financial sector while