Caroline ChurchillThe Cross Market Operational Resilience Group has published guidance to help the financial sector transition towards quantum-safe cryptographic practices as institutions move to post-quantum cryptography. PQC refers to new types of encryption designed to withstand future quantum threats. The National Cyber Security Centre wants firms not to wait in their preparations, even though quantum computers that can break the encryption in use today may be some years away. The NSCS wants firms to have plans in place by 2028, protect high-priority systems by 2031 and complete the transition by 2035.
The new guidance explains to firms what PQC is and how to start adopting it, and gives firms guidance on how to prepare and work with both technology vendors and regulators. Financial institutions are critical national infrastructures, and so early action to protect both themselves and the wider economy is crucial.