The global financial system has already set a deadline for one of its biggest technological challenges.
Banks and financial institutions must have cryptographic defenses that are resistant to quantum computing, according to a report released on January 13 by the G7 Cybersecurity Expert Group. within 10 years.
The G7 is the Group of 7, a political and economic forum that brings together some of the world’s major economies. It is made up of the United States, Canada, Japan, Germany, France, Italy, and the United Kingdom, with the European Union also a resident institutional guest.
The documents presented regarding quantum computing do not describe hypothetical scenarios, but rather concrete plans for it. Risks considered unavoidable by regulators.
G7 quantum roadmap
This report does not impose mandatory standards. Instead, we suggest a tailored strategy: Banks, regulators and technology providers move forward in an orderly manner Towards systems designed to counter quantum computer attacks.
The G7 report includes a time plan for how the transition to post-quantum cryptography should be organized between 2025 and 2035.
Graphs divide processes into progressive stages.
- Identifying risks– Map which systems rely on weak encryption.
- Prioritization: Define infrastructure that requires early protection, such as payments and settlements.
- Testing and migration: Evaluate and phase in new quantum-resistant algorithms.
- International coordination: Avoid piecemeal solutions between countries.
The report states: Transition must be completed by 2030-2032. Other systems could do so around 2035, depending on their risk level.
The document says these times reflect the complexity of operating the financial sector. Upgrading global banking security takes years, even without extreme technological pressure.
Why does quantum computing require action now?
Risks are not immediate, but cumulative. Data currently encrypted can be stored and decrypted in the futurea scenario known as “save now, decrypt later.”
In that sense, as recently reported by CriptoNoticias, a quantum computing expert said the technology “could open up everything.”
Therefore, G7 is recommended to start. Gradual transition to post-quantum cryptographydesigned to resist this type of attack.
The G7 report does not explicitly prescribe any particular algorithm or recommend the use of any particular post-quantum scheme. rather he emphasizes that There is no single solution or sudden change.but this is an era of technological coexistence.
(Tag translation) Banking and insurance
