How post-quantum cryptography is reshaping cybersecurity in 2024

How post-quantum cryptography is reshaping cybersecurity in 2024

Pascal Brier

Oct 2, 2024

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Last year, we predicted that post-quantum cryptography (PQC) would be a defining technology trend in 2024 with far-reaching implications for organizations.

Following the release of NIST's post-quantum encryption standards a few weeks ago, the race to secure IT systems for the quantum era has accelerated. Nowhere is this urgency more pronounced than in the financial sector, where sensitive data, stringent regulations, and vast datasets demand a rapid shift to quantum-safe systems

As #quantum computing advances, it presents both opportunities and risks for the financial sector. On one hand, quantum computing could revolutionize financial processes such as market trading, risk management, and secure communication through technologies like quantum key distribution. On the other hand, it could create significant exposure, particularly to public-key cryptography, which underpins the security of digital communications. Cyber actors may use quantum computers to break current encryption methods, creating a scenario where sensitive financial data becomes vulnerable. The concept of "harvest now, decrypt later" is particularly concerning, as threat actors might intercept encrypted data today, with the aim of decrypting it once quantum computers mature.

Recently, the G7 Cyber Expert Group published a very interesting statement that highlights the dual nature of this technology.

The G7 is urging financial institutions to start planning for post-quantum cryptography (PQC) as soon as possible to safeguard future communications. Financial institutions are encouraged to assess their own quantum risks, build inventories of vulnerable systems, and implement governance processes to mitigate emerging threats.

Personally, I would go beyond the G7's recommendations and urge organizations across all sectors to start investigating and navigating the complex quantum landscape.

There are many actions that CxOs can take today to start preparing for a quantum future: such as auditing current cryptographic systems, investing in quantum-resistant algorithms, and ensuring that quantum readiness is integrated into long-term IT roadmaps.

Quantum computing is advancing faster than initially predicted, and when it reaches critical maturity, it will be too late to start preparing. Post-quantum cryptography implementation will not be easy, so a gradual migration with careful planning will be essential. Starting now will prevent unwelcome surprises and allow an orderly migration. The actions we take today will determine whether we are resilient or exposed when quantum supremacy becomes a reality.

Group Chief Innovation Officer, Capgemini

Pascal Brier was appointed Group Chief Innovation Officer and member of the Group Executive Committee on January 1st, 2021. Pascal oversees Technology, Innovation and Ventures for the Group in this position. Pascal holds a Masters degree from EDHEC and was voted "EDHEC of the Year" in 2017.