G7 Cyber Expert Group Releases Roadmap for Coordinating the Transition to Post-Quantum Cryptography in the Financial Sector

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 advising financial entities, authorities and suppliers of key considerations and potential activities for transitioning to quantum-resilient technology in a coordinated and timely way. Quantum computers have the potential to revolutionize the financial sector, unlocking significant new capabilities and opportunities for organizations. This is not without risk however – sufficiently advanced quantum computers have the potential to break widely used cryptographic protocols that protect our systems and data. G7 CEG Co-Chairs, U.S. Treasury’s Deputy Assistant Secretary for Cybersecurity and Critical Infrastructure Protection Cory Wilson and the Bank of England’s Executive Director for Supervisory Risk Duncan Mackinnon, said: “The introduction of quantum computers that can break our encryption tools presents a significant risk to the safety and soundness of our financial ecosystem.