This report summarises key points of the discussion and proposes four practical action points for financial institutions and other organisations to consider when looking for ways to ensure the security of their businesses and those of their customers.
September 2024
Quantum computers evolved from theoretical concepts in the 1980s to experimental realisations in the 2000s and are now in the early stages of practical application. Although many technical challenges remain, the field is advancing rapidly towards practical, large-scale quantum computing. Significant breakthroughs are expected in the coming years.
Quantum computers offer great opportunities to solve complex problems that remain intractable for classical computers. However, this capability also poses a threat to the security of public key cryptosystems, which are widely used today to ensure the confidentiality and integrity of digital communications. For the financial sector, a specific threat is that quantum computers can forge the digital signatures used to ensure the integrity and authenticity of financial transactions.
How close are we to Q-Day, the day when quantum computers will be powerful enough to break public key cryptosvstems widely used today? Which strategies should we adopt to protect our financial infrastructures before Q-Day arrives? How urgent is the transition to quantum-resistant cryptosystems? What measures should organisations take?
These questions set the context for the roundtable, "Preparing for a quantum-safe tomorrow," held in Zürich on 3 July 2024, as part of the Point Zero Forum. The Swiss National Bank hosted the session with Thomas Moser, Alternate Member of the Governing Board, serving as the moderator. The roundtable brought together experts from private-sector research companies, academia, international standard setters, and the financial industry. Participants included Raphael Auer (BIS), August Benz (Swiss Bankers Association), Marco Brenner (IBM), Klaus Ensslin (ETH Zurich), Frederik Flöther (QuantumBasel), Esther Haenggi (Lucerne University of Applied Sciences and Arts), Heike Riel (IBM), and Sven Stucki (Procivis).
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