On March 12, Switzerland’s Financial Innovation Desk (FIND) launched a seven-step plan to help financial institutions nationwide tackle quantum future computing threats with proactive, technology-driven security measures.
Quantum computers are evolving faster than experts predicted, with an ability to break traditional encryption posing serious risks, especially to banks and financial institutions. Recognizing the urgency, “the catalyst for all matters relating to financial innovation in Switzerland,” FIND, has a detailed action plan provides a roadmap to help these organizations strengthen defenses and adapt early.
A focus on leadership, system audits, and industry-wide cooperation, and through the plan, will endorse Switzerland’s position as a possible leader in quantum-safe financial services.
Getting Ahead of the Quantum Curve
The machines will be able to break current encryption systems in the early 2030s, leaving banks and institutions at risk as they now shield confidential data. In response to this growing threat, Switzerland’s FIND has stepped in with a defined course of action to help the Playground of Europe’s financial community prepare.
In a report, Action Plan to a Quantum-Safe Financial Future, released on March of last year, a seven-step roadmap was laid out to guide Swiss banks and financial institutions toward becoming quantum-resilient.
Beginning with an uncomplicated but necessary step, the map recognizes quantum threats at the leadership level and addresses the allocation positions dedicated to managing this shift. Through this, financial institutions will need to scrutinize their systems, determine vulnerabilities, and reduce the creation of tools vulnerable to quantum attacks.
One of the most critical dangers, referred to as “harvest now, decrypt later,” involves hackers collecting encrypted data today and waiting until later to decrypt it with quantum computers. FIND urges financial players to act today before it’s too late.
Building Defenses
The action plan also calls on firms to work with suppliers to upgrade technology, use adaptive cryptographic techniques, and maintain an up-to-date inventory of all encryption methods used. Coordination is everything: financial institutions must get in step with regulators, technology providers, and international standards organizations if they are to stay ahead.
To stay safe, FIND suggests a “three lines of defense” approach: first, firms must discover and contain quantum threats. Secondly, policy and tools must facilitate that. Thirdly, internal audits must test and reinforce those protections on a regular basis.
“The message is straightforward: stay up to date, act early, and be prepared to make changes,” FIND said.
Recent estimates suggest that quantum computing threats can potentially break most encryption methods by 2029. Big tech companies such as IBM, Google, Microsoft, and Amazon are investing heavily in creating quantum while threat actors are already getting a head start by gathering data now to exploit in the quantum future.
McKinsey places the entire worldwide financial sector potentially to gain as much as $622 billion by 2035 using quantum computing but only if security vulnerabilities are handled successfully. In Europe, the EU already released a post-quantum cryptography policy. Switzerland, without specific legislation, is waiting on active direction and guidance such as FIND’s to lead the charge.
Whereas the planet embarks upon a quantum future, Switzerland wants to be safe, but it also wants to lead.
Inside Telecom provides you with an extensive list of content covering all aspects of the tech industry. Keep an eye on our Tech sections to stay informed and up-to-date with our daily articles.