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idquantique.com
article
https://www.idquantique.com/quantum-safe-security/applications/banking-and-fi…
# **Quantum-Safe Security for Banking & Financial Services**. # Quantum-Safe Cyber Security for Banking & Financial Services. Migrating to a quantum-safe infrastructure isn’t just a future-proofing measure – it’s essential for maintaining security today. ID Quantique provides an end-to-end approach that combines Post-Quantum Cryptography (PQC) with Quantum Key Distribution (QKD), creating a resilient, cost-effective solution. PQC and QKD are complementary technologies that together secure financial systems against both current and future threats:. “Financial institutions could also implement other quantum security solutions, such as QKD, as part of their risk mitigation.”. “The new standards were selected because PQC methods are available today and can be expected to provide a level of resistance to quantum attacks, but ideally the standards of the future will be based in QKD methods.”. By integrating QKD now, banks can establish a robust, long-term security foundation, reducing the catch-up cost of future PQC migrations. **Contact us today to learn how we can help you build a quantum-safe infrastructure with a dual PQC + QKD strategy.**.
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quantumconsortium.org
article
https://quantumconsortium.org/publication/financial24/
# Quantum Technology for Securing Financial Messaging. *Quantum Technology for Securing Financial Messaging*. There are two technologies that provide different forms of security against a CRQC: post-quantum cryptography (PQC) and quantum key distribution (QKD); we describe each. The two technologies have potential applications in the following high-feasibility, high-impact use cases identified by stakeholders in quantum security and financial services:. * Third-party validation of financial institutions’ quantum security posture. Federal grants or loans to small and medium-sized financial institutions to support PQC technology adoption could be vital to maintaining a robust, quantum-resistant financial industry. 2. Increase quantum expertise at financial institutions: The financial industry should grow in-house quantum expertise to raise awareness of the implications of quantum technologies in terms of both benefits and risks. Financial institutions should hire quantum networking and security experts to assist with conducting an inventory of quantum-vulnerable cryptographic assets and implementing PQC standards.
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cambridge.org
research
https://www.cambridge.org/core/journals/european-journal-of-risk-regulation/a…
Financial systems rely on high-frequency data processing for pricing, risk modelling, fraud detection and capital optimisation, all areas that quantum computing is poised to transform.Footnote 41 While these capabilities promise efficiency and innovation, they raise profound legal and regulatory challenges relating to algorithmic oversight, prudential stability, supervisory capacity and institutional liability.Footnote 42. A closer look at the EU’s DORA and the United States’ *National Quantum Initiative Act* (NQI Act) reveals the contrasting regulatory philosophies currently shaping quantum readiness.Footnote 134 DORA embeds binding operational resilience obligations directly into the financial sector’s legal fabric.Footnote 135 Provisions such as Articles 5–7 require institutions to establish robust ICT risk management frameworks.Footnote 136 In contrast, Article 8(3) mandates that data be protected “throughout its lifecycle”, thereby hardwiring enforceable duties of technological adaptation into statutory law.Footnote 137 Articles 11–15 on incident reporting and testing go further, ensuring supervisory authorities possess the legal tools to compel proactive resilience measures.Footnote 138 By contrast, the NQI Act, while significant in signalling federal commitment to quantum research, remains programmatic.
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nacha.org
article
https://www.nacha.org/system/files/2024-10/Protecting_Payments_in_the_Quantum…
However, quantum computing is a double-edged sword and presents significant threats to the current data storage and communication cryptography used across industries, including the payments sector. It explores the potential applications of quantum computing in the financial sector, particularly in payments, highlighting the opportunities for innovation and efficiency. The document also addresses the significant threats quantum computing poses to current cryptographic standards, using the four-corners model1 to illustrate these vulnerabilities in payment networks. Quantum Applications: Finance and Payment Improvements Quantum computing holds immense promise for the financial sector because it processes complex computations much faster than classical systems. In payments and finance, quantum computers’ strength in solving complex optimization problems is already being applied to the central bank clearing problem2 and improving financial logistics, such as routing payments more efficiently in global banking networks—tasks that are challenging for classical computers. 5 In assessing the threat of quantum computing specific to payments, it is helpful to consider the four-corners model.
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home.treasury.gov
official
https://home.treasury.gov/system/files/136/FAQs-Financial-Sector-Risks-Quantu…
Cryptographic algorithms currently used to secure communications over the internet will become vulnerable to successful attacks when a cryptographically relevant quantum computer is created. 2. Why should organizations begin planning for a post-quantum cryptography environment now? As your organization plans its migration to quantum-safe protocols, consider the time needed to secure data, the migration time to cryptographic systems that are secure against both quantum and classical computers, the time for a cryptographically relevant quantum computer to become operational, and the time needed to coordinate with external partners, test systems, and train your workforce. Implementation timeline: It will take significant time for firms to develop governance structures and plans for their transition to post-quantum technologies. 6. What are the National Institute of Standards and Technology (NIST) Post Quantum Cryptography public-key algorithms? Once post-quantum cryptography solutions that integrate the standards developed by NIST are available, organizations should integrate them into their security capabilities.
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bis.org
article
https://www.bis.org/about/bisih/topics/cyber_security/leap.htm
Quantum computers, should they reach sufficient size and power, may be able to break the encryption schemes widely used today to secure financial transactions,
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sciencedirect.com
article
https://www.sciencedirect.com/science/article/abs/pii/S0957417425018627
# Securing financial sector applications in the quantum era: a comprehensive evaluation of NIST’s recommended algorithms through use-case analysis. In this study, we conduct a systematic evaluation of the performance and practicality of NIST’s selected post-quantum algorithms and 4th round candidates specifically tailored for financial services applications, such as SWIFT Secure Signature Key (3SKey), Europay-Mastercard-VISA (EMV), Secure Electronic Transaction (SET), 3D Secure, Bitcoin Improvement Proposal (BIP) Protocol, and SSL/TLS-based financial application. In this paper, we introduce a novel methodology driven by use cases that systematically evaluates the practicality of NIST-recommended PQC algorithms across critical financial applications, such as SWIFT 3SKey, EMV, SET, 3D Secure, BIP Protocol, and SSL/TLS-based systems. This research investigates the feasibility of NIST’s selected post-quantum algorithms, including 4th round candidates (NIST, NIST), in addressing the security and performance needs of financial sector applications (Andresen, & Hearn, Basin, Sasse, Toro-Pozo, 2021, Bitpay, Freier, Karlton, & Kocher, Kawatsura, Rathour, 2013, Rescorla, Robinson, Dörry, Derudder, 2022).
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netbankaudit.com
article
https://www.netbankaudit.com/resources/quantum-threat-readiness-for-financial…
An overview of Crypto-Asset Safekeeping regulatory landscape, risk management expectations, and practical considerations for cybersecurity and IT professionals at financial institutions. This article from NETBankAudit explores the risks centralized supervisory data poses to financial institutions, highlights oversight inconsistencies, and outlines key audit actions to mitigate exposure. Explore key takeaways from the BSA Coalition’s AI and Fraud webinar, including deepfake risks, synthetic ID fraud, governance gaps, and practical strategies for financial institutions to stay secure and compliant. Understand the risks and benefits of AI in financial institutions, with actionable strategies to ensure ethical use, regulatory compliance, and resilience. Learn how the CRI Cyber Profile helps financial institutions meet FFIEC standards through scalable risk assessments and enhanced regulatory alignment. Explore how financial institutions can implement effective IT governance frameworks to align their technology initiatives with business objectives, manage risks, and ensure regulatory compliance. This article explores key IT risk management solutions for the financial sector, offering practical insights to help institutions protect their digital assets and maintain regulatory compliance.