Article by the Citi Institute, Technology & Innovation, on the challenge imposed by upcoming quantum computing to cryptography.
From the webpage on the report:
“In the next decade quantum computers are likely to become powerful enough to break widely used public-key encryption. The economic and geopolitical consequences of not preparing for this so-called Q-day could be severe as it would result in the disruption of current digital security.
In our view, organizations that rely on digital encryption and require long timelines for information privacy, should focus now on implementing established post-quantum cryptography standards.
Key Takeaways
- Post-quantum cryptography is key to combatting quantum threats: The challenge is not the lack of a solution, but the difficulty of implementing the right solution at scale. For data that requires long-term confidentiality, retroactive cracking of encryption makes action now urgent.
- Vulnerable systems must move to quantum-safe alternatives: Quantum readiness starts with a clear sequence of actions that identify exposure, prioritize critical systems, enable agility, guide migration and sustain long-term resilience.
- Crypto’s quantum risks need addressing: For Bitcoin, public key exposure applies to only about 25% of coins. For other blockchains, the majority of coins are vulnerable. But these newer blockchains can move faster”
More information, full text and origin of the text above: https://www.citigroup.com/global/insights/quantum-threat
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