The Quantum Economic Development Consortium (QED-C) has released the report Quantum Technology for Securing Financial Messaging, which explores the role of quantum computing, networking, and communications in the financial sector. The report provides recommendations for federal agencies to support the transition to post-quantum cryptography (PQC) algorithms by sharing resources with financial institutions and providing grants for implementation.
Financial institutions are urged to develop in-house quantum expertise to understand the benefits and risks of quantum technologies. This includes hiring quantum networking and security experts to inventory quantum-vulnerable cryptographic assets and implement PQC standards. The report advocates for a combined approach of Quantum Key Distribution (QKD) and PQC to achieve higher security levels.
The report is based on a workshop held in February 2024, which included 48 stakeholders from finance, quantum technology, government, and academia, such as leaders from Accenture and ID Quantique. The workshop identified high-impact use cases for quantum-resistant technologies, including more secure cross-border transactions and post-quantum transport layer security.
For additional information, you can access the press release provided here and download a copy of the new report here.
July 29, 2024