The G7 Cyber Expert Group (CEG), co-chaired by the U.S. Department of the Treasury and the Bank of England, has released a public statement offering guidance to financial institutions and authorities on transitioning to technology that can withstand quantum computing threats.
Quantum computers are expected to bring major changes to the financial sector, but they also pose risks. Advanced quantum machines could potentially break current cryptographic protocols that protect sensitive systems and data.
Cory Wilson, Deputy Assistant Secretary for Cybersecurity and Critical Infrastructure Protection at the U.S. Treasury, and Duncan Mackinnon, Executive Director for Supervisory Risk at the Bank of England, stated: “The introduction of quantum computers that can break our encryption tools presents a significant risk to the safety and soundness of our financial ecosystem. This is something we must address together, and the roadmap guidance will be an important reference for organizations to consider as they prepare their systems and data to be quantum resilient.”
The roadmap published by the G7 CEG highlights key considerations for stakeholders in the financial sector regarding cryptographic risks from quantum computing. The document is not mandatory but provides flexibility so organizations can adapt it according to their specific needs.
Formed in 2015, the G7 CEG includes representatives from financial authorities in all G7 countries as well as the European Union. The group coordinates cybersecurity policy across member jurisdictions and facilitates information sharing, cooperation, and incident response.
