The G7 Cyber Expert Group (CEG) - chaired by the U.S. Department of the Treasury and the Bank of England - released a public statement today advising financial entities, authorities and suppliers of key considerations and potential activities for transitioning to quantum-resilient technology in a coordinated and timely way.
Quantum computers have the potential to revolutionize the financial sector, unlocking significant new capabilities and opportunities for organizations. This is not without risk however – sufficiently advanced quantum computers have the potential to break widely used cryptographic protocols that protect our systems and data.
G7 CEG Co-Chairs, U.S. Treasury’s Deputy Assistant Secretary for Cybersecurity and Critical Infrastructure Protection Cory Wilson and the Bank of England’s Executive Director for Supervisory Risk Duncan Mackinnon, said:
“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 G7 CEG’s roadmap outlines several considerations for financial sector stakeholders, authorities and industry about the cryptographic risks associated with quantum computers. The roadmap and its associated timeline are not prescriptive, providing organizations with the flexibility to implement as appropriate for their unique situation.
The G7 CEG’s membership includes representatives of financial authorities across all G7 countries as well as the European Union. It was founded in 2015 to serve as a multi-year working group that coordinates cybersecurity policy and strategy across the member jurisdictions. In addition to policy coordination, the G7 CEG also acts as a vehicle for information sharing, cooperation, and incident response.